CeQur, a 3-day wearable insulin patch for injection-free dosing, closed the Series C5 financing round at $115 million.
Credit Suisse Entrepreneur Capital 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.
The company plans to use the new funds to advance commercial plans for CeQur Simplicity, including market development activities. The commercial launch strategy includes a limited market release in 2021 and the scale-up of high-volume manufacturing. CeQur Simplicity is both FDA cleared and CE-marked.
“We are grateful for the support from this group of world-class investors, who share our vision to transform the lives of people with diabetes who require daily insulin therapy. In the pilot launch of CeQur Simplicity, we have been very encouraged by the feedback from healthcare professionals, payers, and people with diabetes, which validates that this novel device offers meaningful benefits to a large segment of insulin-dependent people,” said Bradley Paddock, President, and CEO at CeQur.
Bradley Paddock added: “We look forward to advancing our commercial and manufacturing plans in preparation for our broadscale launch.”
According to the company, One Simplicity patch holds up to 200 units of rapid-acting insulin administered in two-unit increments and replaces, on average, nine mealtime injections over three days.
Clinical research has shown that nearly 90% of patients using CeQur Simplicity reported following their insulin regimen better than MDI. The device is clinically proven to improve glycemic control, with patients achieving significantly improved HbA1C and time-in-range (TIR) goals.
“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,” said John Sheridan, President, and CEO at Tandem Diabetes Care. “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.”