The SiPore21 device is currently being evaluated for safety and efficacy in a placebo-controlled Shine trial. Image Credit: Dmitriy Prayzel / Shutterstock.

Sweden-based Sigrid Therapeutics has raised $4m in an oversubscribed funding round to advance the development and commercialisation of its SiPore technology.

The SiPore technology is based on mesoporous silica particles (MSPs), a colloidal amorphous silicon dioxide matrix. It acts similar to a “molecular sieve” to physically prevent the interaction between digestive enzymes and food, thereby reducing food breakdown into basic absorbable units.

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“This funding will propel our efforts in establishing key partnerships and driving SiPore technology to market,” said Sigrid’s co-founder and CEO Sana Alajmovic.

There were approximately 5.7 million people who had either pre-diabetes or diabetes in 2021, and this population is expected to increase to 17.5% in 2030 and 19.2% in 2045. This massive growth in the disease prevalence is expected to fuel the diabetes market growth.

The diabetes care market is expected to grow to be worth $33.5bn in 2030, as per the GlobalData market model. This growth will be mostly driven by insulin delivery devices, with these devices market is forecasted to generate $25.6bn in 2030.

The SiPore21 device is currently being evaluated for safety and efficacy in a placebo-controlled Shine trial in people with elevated blood glucose levels who are either obese or overweight. The preliminary data from the trial is expected in Q2 2024. The device, if cleared, will be registered as a Class IIb medical device.

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In January, Sigrid raised Skr10.6m ($0.95m) to support the development and commercialisation of SiPore15. The Swedish company is also seeking market registration in the EU for the diabetes control device.