SOUTHPORT, CT, Diabetes drug development company Thetis Pharmaceuticals has raised $1.5 million in a seed investment round, according to a release from Connecticut Innovations, which contributed $500,000 to the round. The round also involved Stonehenge Partners and angel investors.

Frank Sciavolino, Ph.D., president, chief scientific officer and co-founder of Thetis said, "TP101 represents an important contribution to diabetes therapy, offering physicians the prospect of a new, first-line, oral treatment for diabetic patients with the potential to regulate blood glucose and slow the incidence of cardiovascular events.TP101 also offers a safe and effective approach to treating the rapidly escalating pre-diabetes population."

Thetis is led by Dr. Sciavolino, an R&D executive who previously held leadership positions at Pfizer in discovery, development and licensing, and played a key role behind two of its most notable drug franchises, Zithromax and Celebrex, over a 35-year career. He is joined by Banavara (Larry) Mylari, Ph.D., an R&D executive specializing in diabetes and its long-term complications with 30+ years of experience at Pfizer, and G. Alexander Fleming, M.D., who brings 25 years of experience in clinical research and medical and regulatory affairs, including 12 years with the U.S. Food and Drug Administration where he was supervisory medical officer of the Division of Metabolic and Endocrine Drug Products.

Thetis Pharmaceuticals is a development stage drug company focused on the treatment of Type 2 diabetes. Its initial candidate, TP101, has the credentials to deliver rigorous glucose and triglyceride control, along with unprecedented prospects for actually reducing the high incidence of cardiovascular events in diabetic patients. The company expects to open an IND and complete early clinical studies through Phase IIa trials within 3-4 years. Beyond TP101, Thetis is exploring other opportunities in the omega-3 and metformin arenas.