CeQur SA completed a $30 million Series A funding round with a $10 million injection from a group of existing backers.
The Swiss company, which houses its U.S. operations in Marlborough, Mass., said it plans to use the funds to clear regulatory hurdles in Europe for its subcutaneous insulin patch for Type 2 diabetes. The investment group includes BMC Ventures A/S, Endeavour Vision SA, Schroder & Co. Bank AG and Venture Incubator AG.
Jay Warner, CeQur’s senior vice president for sales and marketing, told MassDevice that the company anticipates launching the product in the EU sometime after the first quarter of 2010. The company has had a good dialogue with Food & Drug Administration officials about getting the device cleared for sale in the U.S., but Warner said a time frame for a state-side launch is “not determined.” CeQur will apply for 510(k) premarket notification clearance, he added.
The company’s lead product is a wearable insulin patch that provides a three-day supply of basal insulin delivery and on-demand bolus insulin, which the user can deploy with the touch of a button. Although the company is initially targeting Type 2 diabetics, Warner said he believes there could be other applications for the patch, as CeQur looks to leverage it into a platform technology.
While the firm is based in Switzerland, Warner said the bulk of CeQur’s staff is located at the company’s Marlborough operation, with slightly more than 20 employees there. The firm has not built a direct sales force yet and is still weighing its options on distribution partners, he said.
“I think we have a product that is very viable, from a direct sales and marketing perspective,” Warner said.
CeQur is led by James Peterson, the former CEO of Braintree, Mass.-based Haemonetics Corp. (NYSE:HAE).
In October, CeQur named Eric Milledge, the former president of LifeScan Inc., chairman of the board.
Milledge spent more than 34 years at Johnson & Johnson Corp. (NYSE:JNJ), rising to group president for LifeScan, which produces blood glucose meters, test strips and diabetes management software. The subsidiary employs more than 2,500 workers globally.
“We think one of our strengths as a company is the depth of our bench,” Warner said, noting that the company was steeped in experience with both medical devices and diabetes management.
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