CeQur SA, a Swiss developer of insulin delivery systems for the management of Type II diabetes, has raised $29.6 million in Series A funding. Backers include BMC Ventures, Endeavour Vision, Schroder & Co Bank and Venture Incubator.
CeQur SA, a company focused on the development and commercialization of insulin delivery systems to improve the management of type 2 diabetes, announced that at the end of December 2009 the company completed its Series A investment with a final closing of 10.3 million Swiss francs, bringing the total for the Series A to 31.7 million Swiss francs ($29.6 million U.S.). Investors in the Series A include BMC Ventures A/S, Endeavour Vision SA, Schroder & Co Bank AG, and Venture Incubator AG.
“We appreciate the continued support of our investors, who recognize the tremendous potential of CeQur, including the promise of our lead product, the CeQur(TM) Insulin Infuser,” said Jim Peterson, founder and CEO, CeQur. “The additional Series A funding provides us with the resources necessary to achieve key regulatory and launch projects related to this product in 2010.”
Proceeds from the financing will enable CeQur to obtain CE mark approval for the CeQur Insulin Infuser, introduce the product to market in Europe and continue with the U.S. regulatory submission.
The CeQur Insulin Infuser is a discreet, wearable device that provides three days of consistent, basal insulin delivery along with on-demand bolus insulin at the push of a button. The small device comprises a disposable infuser reservoir attached to a reusable electronic monitor.
“In the U.S. and EU alone more than 8 million people with type 2 diabetes use insulin daily to obtain glycemic control,” said Eric Milledge, chairman of the board, CeQur. “Many of these individuals experience challenges as a result of having to administer multiple, daily insulin injections. The CeQur Insulin Infuser is a simple alternative that will offer people with type 2 diabetes freedom from these challenges and help them achieve their glycemic goals.”
About CeQur SA
CeQur SA is dedicated to developing and commercializing advanced insulin delivery systems that make it easier for people living with type 2 diabetes to comply with therapy and stay in control of their disease. The company is headquartered in Montreux, Switzerland, with operations in Nordborg, Denmark and Marlborough, Massachusetts.
CeQur was established in January 2008 as a spin out from Danfoss A/S, a large, global Danish industrial products group. The company’s lead product candidate is the CeQur(TM) Insulin Infuser, a novel, wearable insulin delivery device that provides freedom from multiple daily injections by offering up to three days of consistent, basal insulin delivery along with bolus insulin at the push of a button. More information can be found at www.cequrcorp.com.