Diabetes: CeQur closes $27B Series B round

September 10, 2013 by Brad Perriello

Diabetes: CeQur closes $27B Series B round

CeQur SA is planning to scale up manufacturing of its PaQ insulin delivery device in Europe with a $27 million Series B round.

The Horw, Switzerland-based company said the round was led by a pair of new, private investors and was joined by all existing backers, including BMC Ventures A/S, Endeavour Vision SA, Schroder & Co. Bank AG and Venture Incubator AG.

The PaQ device won CE Mark approval in the European Union in November 2012 for Type II diabetes. It's designed to provide 3 days of consistent, basal insulin delivery and on-demand bolus insulin via a disposable insulin reservoir and a reusable insulin monitor.

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CeQur raised a $30 million Series A round in January 2010. Apart from boosting its manufacturing operations, it plans to use the latest round to pursue pre-market approval from the FDA, according to the release.

"This financing is a reflection of the tremendous progress we've made with PaQ in the past two years, the strength of our clinical data , and a broad understanding of the value this transformative device will bring to people with type 2 diabetes," chairman Eric Milledge said in prepared remarks. "We are excited to expand our manufacturing and commercial capabilities so that we can begin to make this technology broadly available to those in need."