A Pittsburgh-based biotech startup working to commercialize its diabetes treatment product announced it'll be entering the nonprofit world via the launch of a separate charity arm that has a specific focus on advancing metabolic research for veterans who have diabetes.
Uptown-based Imagine Pharma, which raised a $32.5 million Series A funding round last October, said the Imagine Pharma Foundation will partner with health care firms, research institutions, pharmaceutical firms and others to improve the discovery of metabolic and diabetes research, improve treatment access for veterans and other communities in need and offer care, education and awareness programs on diabetes prevention.
Imagine Pharma appointed John Paul Midolo, who helms from a decade of public service at the U.S. Department of Veterans Affairs, to serve as the foundation's executive director.
"I am thrilled with the opportunity to direct the work of the Imagine Pharma Foundation and to contribute to impacting the lives of those affected by diabetes, especially our U.S. veteran population, which is disproportionately impacted by this disease," Midolo said in a statement. "Through cutting-edge research, collaboration and education, we aim to play a leading role in advancing research and treatment for diabetes and other metabolic diseases to help improve outcomes for those with this disease."
Imagine Pharma, the for-profit startup, has raised $40 million to date since its founding in 2016. Its IMG-1 polypeptide product, which the company said has led to "significant scientific achievements" for the treatments of various underserved disease states, is in development as it relates to oral delivery, therapeutics and regenerative medicine administration.
