US-based drug formulation developer Xeris Pharmaceuticals has closed a series C round featuring Mérieux Développement, a subsidiary of healthcare and pharmaceutical holding company Institut Mérieux, at $85m.
Mérieux Développement led the round’s $10m final close, investing together with Wild Basin Investments and unnamed members of Xeris’ management team. The funding was secured alongside a $45m loan agreement with Silicon Valley Bank and Oxford Finance.
Xeris is working on a range of stable drug formulations of peptides, proteins, antibodies or small molecules that will be able to be injected or infused at room temperature. It is focusing on a delivery system for a hormone called glucagon.
Paul R. Edick, president and CEO of Xeris, said: “Proceeds from the combined funding will be used to help prepare for submission of a new drug application and accelerate commercial preparation for Xeris’ lead product candidate, an investigational ready-to-use glucagon rescue pen for treatment of severe hypoglycaemia in people with diabetes.
“We believe the closing of both the loan agreement and series C financing is a sign of continued strong support from our existing investors and financing partners.”
Redmile Group led the round’s first tranche, which closed at $45m in December 2016 with contributions from Deerfield Management, Sabby Management, McNair Group and unnamed existing backers. Merieux Developpement added $30m in financing in May 2017.
Xeris has now raised approximately $100m in equity financing and $52m in debt, according to press releases and regulatory filings. Its early investors include Central Texas Angel Network.