CeQur SA Closes $27 Million Series B Financing
-- Funding Will Support Broad Scale Commercialization of CeQur PaQ® Insulin Delivery Device –
HORW, Switzerland, September 9, 2013 -- CeQur SA, a company focused on the development and commercialization of simple insulin delivery devices, announced the closing of a $27 million dollar Series B financing. The financing was led by two new private investors with the participation of all current shareholders, and will support manufacturing scale up for the CeQur PaQ® simple insulin delivery device, which received CE Mark approval in November 2012.
Proceeds from this financing round will also be used to fund activities related to United States regulatory approval. In a study involving people with type 2 diabetes completed last year, PaQ safely and effectively delivered patients' insulin requirements with a high level of patient satisfaction and acceptance, and demonstrated ability to reduce known barriers to insulin therapy and a trend towards improving patients' glycemic control.
"This financing is a reflection of the tremendous progress we've made with PaQ in the past two years, the strength of our clinical data , and a broad understanding of the value this transformative device will bring to people with type 2 diabetes," said Eric Milledge, chairman of the board for CeQur. "We are excited to expand our manufacturing and commercial capabilities so that we can begin to make this technology broadly available to those in need."
PaQ is a discreet, wearable device that provides three days of consistent, basal insulin delivery along with easy, on-demand bolus insulin. The small device comprises a disposable insulin infuser reservoir attached to a reusable insulin monitor. PaQ is simple to use, making it easy to train patients to start and stay on therapy.
"Working with one of the most qualified management teams in diabetes, the new investors will support the commercialization phase and set up of high-volume manufacturing for PaQ," said Damien Tappy, president and managing partner of Endeavour Vision. "Given the track record of this management team, we are confident that this funding will enable both the evolution of CeQur into a company that helps redefine the type 2 diabetes landscape and the launch of PaQ into what is a $3 billion addressable market."
The Need for Simple Insulin Infusion
There are currently more than 11 million people in the United States and European Union who are taking insulin injections to manage their type 2 diabetes (T2D). Studies suggest that continuous, subcutaneous insulin-infusion (CSII) regimens may improve glycemic control and quality of life among these individuals. However, current CSII has not been widely used in T2D to date due to its complexity and cost.
"We've developed a simple and affordable insulin delivery solution for people with type 2 diabetes that can free them from the burden of multiple daily injections so that they can more comfortably and consistently maintain target glycemic values," said James Peterson, founder and CEO, CeQur.
About CeQur SA
CeQur® is dedicated to developing and commercializing advanced insulin delivery devices that make it easier for people living with type 2 diabetes to adhere to therapy and stay in control of their disease. The company is headquartered in Horw, Switzerland, with operations in Nordborg, Denmark and Marlborough, Massachusetts.
CeQur was established in January 2008. The company's lead product candidate is the PaQ Insulin Delivery Device, a novel, wearable device that provides freedom from multiple daily injections. More information can be found at www.cequrcorp.com.