Abarceo Pharma announced a SEK 21.5 million in capital raise.

Abarceo Pharma, a Malmö, Sweden-based biotech startup, announced securing funds to the company totalling SEK 21.5M ($2.6M).

The money was raised from a range of private investors from Sweden. State agency Almi Invest also contributed to the round with $7.5M.

Abarceo Pharma, founded in 2018 as a spin out of Lund University Diabetes Center and led by CEO Kristian Hansen, develops a new concept for treating type 2 diabetes that has the potential to delay and possibly prevent the development of the disease in patients with type 2 diabetes.