CeQur, a Switzerland-based spin-out from industrial products group Danfoss that is working on diabetes treatment technology, secured $100m in series C financing yesterday.
The round was co-led by asset management firm Woodford Investment Management and fund manager Arthurian Life Sciences, and also included investment firm Endeavor Vision, asset manager Schroders and venture capital firm VI Partners.
Spun out of Denmark-based Danfoss in 2008, CeQur’s lead product, PaQ, is a wearable insulin delivery device that supplies users with insulin for up to three days at a time.
The funding will be spent on clinical and regulatory activities as CeQur aims to scale its manufacturing and commercial capabilities with a view to releasing PaQ next year. CeQur will have completed three clinical studies with the device by the time of its launch.
CeQur closed a $29.6m series A round featuring Endeavor Vision, Schroders, VI Partners and BMC Ventures in 2010 before raising an additional $27m in a 2013 series B round co-led by two undisclosed private investors.
Doug Lawrence, chief executive of CeQur, said: “Today when people with type 2 diabetes progress to insulin they need to inject, and current alternatives have cost and complexity limitations.
“CeQur’s second-generation PaQ will provide a superior alternative to injection therapy and allow us to build a high-growth business in the emerging category of simple and cost-effective insulin infusion to benefit patients, physicians and payors.”