CeQur has received fresh funds of US$115 million in an oversubscribed C5 financing round. The medtech from Lucerne intends to use this to advance commercial plans for a limited market release of its CeQur Simplicity wearable insulin-delivery device this year and to scale-up its high-volume manufacturing. The Simplicity patch holds up to 200 units of rapid-acting insulin administered in two-unit increments and replaces, on average, nine mealtime injections over three days. CeQur Simplicity is both FDA cleared in the USA and CE-marked for European conformity.
This insulin delivery device is above all for those who are not achieving their glucose targets with insulin injections. According to a press release, it is estimated that the potential market for simple insulin delivery devices is approximately US$7.5 billion in the United States and roughly twice this amount globally.
This round was the largest fundraising for a privately held medtech company in Europe to date and was led by Credit Suisse Entrepreneur Capital (Zurich) and Endeavour Vision (Geneva, Minneapolis). Alongside existing investors Schroder & Co. Bank (Zurich) and VI Partners (Altendorf in the canton of Schwyz), there was also “significant participation from new investors”. These included Tandem Diabetes Care (San Diego, USA), Ypsomed Group (Burgdorf in the canton of Bern), Federated Hermes Kaufmann Funds (USA), Kingdon Capital (USA) and GMS Capital (Washington D.C., USA).
“We are grateful for the support from this group of world-class investors,” said Bradley Paddock, President and CEO of CeQur. “We look forward to advancing our commercial and manufacturing plans in preparation for our broadscale launch.”