Diabetes: CeQur raises $100m for PaQ 3-day insulin device

CeQur said today that it raised a Series C round worth $100 million in what its backers called the largest medtech financing in Europe since 2006. CeQur said it plans to use the proceeds to further the planned 2016 launch of the 2nd generation of its PaQ 3-day insulin device for Type II diabetics.

Woodford Investment Management and Arthurian Life Sciences led the round, with prior backers Endeavour Vision, Schroder & Co. Banque and VI Partners also getting in on the round. CeQur, which is based in Lucerne, Switzerland and Marlborough, Mass., raised $27 million in a Series B round in April 2014 and closed a $30 million Series A round back in January 2010. The 1st-generation PaQ device won CE Mark approval in the European Union in November 2012.

PaQ, a patch-like device, is designed to deliver both basal insulin and on-demand bolus insulin over 3 days. CeQur said that, having made some 12,000 of the devices, it’s optimized the device for high-volume, low-cost manufacturing ahead of its planned commercialization. http://ift.tt/1JzKrp5

“We are very excited to work with such experienced investors who share our views about the significant opportunity PaQ brings to transform the lives of millions of people with type 2 diabetes,” CEO Doug Lawrence said in prepared remarks. “Today when people with Type II diabetes progress to insulin, they need to inject, and current alternatives have cost and complexity limitations. CeQur’s 2nd-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.”

“CeQur has a world-class management team with a best-in-class device that provides a much needed alternative for millions of people with type 2 diabetes on insulin injections. This was truly a unique and very compelling investment opportunity, and we were delighted to again work closely with Neil Woodford to make this significant investment,” added Arthurian Life Sciences chairman Chris Evans.

Material from Reuters was used in this report.

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