CeQur receives 120 million US dollars from investors
Horw - CeQur has concluded a funding round with 120 million US dollars. The Swiss company from the canton of Lucerne plans to use the funds to accelerate the commercial expansion of its CeQur Simplicity patch, which can administer insulin without any injections for four days.
CeQur has raised 120 million US dollars of fresh capital in a funding round. According to a press release from the medical technology company established in 2008, the funds will be used for the further commercial expansion of CeQur Simplicity. This is a wearable system for injection-free administration of insulin over four days. CeQur states that it has seen growing adoption of this patch, which is reportedly used by more than 6,000 patients at the moment.
One CeQur Simplicity patch contains up to 200 units of rapid-acting insulin, which is administered in doses of 2 units. The user-friendly bolus insulin delivery system replaces an average of twelve daily injections at mealtimes. According to the information provided, clinical trials have shown that with this pad almost 90 percent of all users adhere better to their insulin therapy plan than with multiple daily injections.
CeQur plans to use the proceeds from the funding round to grow its sales team further and expand its clinical team. Manufacturing will now be taken on at its cleanroom facility spanning 3,700 square meters as it received all the required qualifications in the fourth quarter.
CEO and President Brad Paddock commented: «We are grateful for the support of our investors as we accelerate our mission to transform diabetes care.» CeQur CFO Mike Rubino added: «This financing will enable us to reach more patients, expand our commercial footprint, and continue innovating solutions that simplify mealtime insulin management.»
