Marlborough, MA, April 14 2021, Marlborough-based CeQur, a maker of insulin delivery devices, has raised $115 million in capital as it gears up to launch its wearable insulin injector later this year.
CeQur licensed the injection device, called “CeQur Simplicity,” from Johnson & Johnson in 2018 for an undisclosed amount. The device is designed for patients with Type 2 diabetes and holds up to 200 units of rapid-acting insulin, each administered in two-unit increments, so it can be worn for several days at a time, including while eating, sleeping and swimming, the company says.
Commercializing the CeQur Simplicity represents a revival of sorts for the Marlborough company. In 2016, CeQur expanded its U.S. headquarters and revealed plans to triple its workforce from to 50 to 150 employees, but by 2018, it had shrunk to 20 employees. The company said it would begin hiring again when it signed the licensing deal with Johnson & Johnson.
CeQur is planning a phased commercial launch strategy for its insulin-injection device, starting with a limited market release in 2021. It will begin scaling its manufacturing with the new funding as well.
Credit Suisse Entrepreneur Capital Ltd. and Endeavour Vision led the round, which included participation from new investors Tandem Diabetes Care, Ypsomed Group, Federated Hermes Kaufmann Funds, Kingdon Capital and GMS Capital, as well as existing investors Schroder & Co. Bank SA and VI Partners.
A spokesperson said the so-called “Series C5” investment round denotes several bridge rounds CeQur raised over the last couple of years.
“In the pilot launch of CeQur Simplicity, we’ve been very encouraged by the feedback from health care professionals, payers, and people with diabetes, which validates that this novel device offers meaningful benefits to a large segment of people who are insulin dependent,” CeQur CEO Bradley Paddock said in a statement. “We look forward to advancing our commercial and manufacturing plans in preparation for our broadscale launch.”