Seraxis, a biotech company developing a cell replacement therapy for insulin-dependent diabetes today announced the successful closing of a $40M Series C private financing round. The financing was led by Eli Lilly and Company, with participation from Frazier Healthcare Partners, Polaris Ventures, JDRF T1D Fund, and other investors.

Seraxis is a privately held biotechnology company with operations located in the BioHealth Capital Region, Maryland. Seraxis proprietary transplant ready islets and device were developed in house. Seraxis is advancing its cell therapy/device combination, SR-01 to the clinic.