CeQur has raised $115 million in an oversubscribed equity financing. The Lucerne, Switzerland-based company has developed CeQur Simplicity, a wearable insulin delivery system.
Credit Suisse Entrepreneur Capital Ltd. and Endeavour Vision led the financing with significant participation from new investors, including Tandem Diabetes Care, Ypsomed Group, Federated Hermes Kaufmann Funds, Kingdon Capital, and GMS Capital, as well as existing investors, Schroder & Co. Bank SA, and VI Partners.
Proceeds from the financing will be used to advance commercial plans for CeQur Simplicity, including market development activities, a phased commercial launch strategy that includes a limited market release in 2021, and the scale-up of high-volume manufacturing.
The patch-like device has won FDA clearance and has been CE-marked. CeQur Simplicity lasts for three days and holds up to 200 units of rapid-acting insulin administered in two-unit increments and replaces, on average, nine mealtime injections over three days.
“CeQur Simplicity is designed to address a large, underserved segment of the diabetes market by providing a simple, low-profile, and comfortable alternative to injections,” John Sheridan, President and CEO at Tandem Diabetes Care, said in a release. “We recognize that there is not a one-size-fits-all solution for people living with diabetes, and this investment aligns with our goal to advance diabetes care by expanding the set of tools available to provide customer choice and ensure optimal therapeutic outcomes.”
There have been some significant developments in medtech’s corner of the diabetes market – most notably with new products.
Biocorp and Roche Diabetes Care France launched Mallya, a smart insulin pen device, in Europe. Mallya automatically collects insulin data (dose, date, time) and transfers it to the Gluci-Chek application developed by Roche Diabetes Care France.
“The commercial launch of Mallya represents an important milestone for Biocorp,” Eric Dessertenne, CEO of Biocorp said in a release. We are really proud to be leading it with Roche Diabetes Care France. Its leading position, its vast distribution network in pharmacies, and the connection of our innovative device to its Gluci-Chek solution present undeniable benefits for all healthcare professionals but also and above all for diabetic patients looking for a better quality of life, a better comfort in the management and daily follow-up of their disease.”
Medtronic introduced, in select European countries, its extended infusion set – tubing that delivers insulin from the pump to the body. The Dublin-based company said the set stands out because it can be worn for up to seven days.