Cequr raises $27m in series-B

Ellie Pullen
10 September 2013

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Swiss biotech firm Cequr has raised $27m in a series-B funding round from two new private investors and all existing backers, including Endeavour Vision and VI Partners.

Although none of the names of the investors have been officially disclosed, Cequr remains active in the portfolio listings on both Endeavour Vision's and VI Partners' websites. The two investors backed Cequr in 2010 and both are currently represented on Cequr's board of directors. Endeavour's Damien Tappy also released a statement regarding the funding round.

The money raised in the funding round will allow Cequr to finance activity with the aim of securing US regulatory approval. The company will also use the fresh capital to support the commercialisation and mass-manufacturing of Cequr's PaQ insulin delivery device.

Previous funding
In March 2010, Endeavour Vision, VI Partners and BMC Ventures injected CHF 31.7m into Cequr alongside Schroder & Co Bank. The investment marked the second closing of a two-part series-A round, according to unquote" data. Cequr had raised CHF 10.3m in the first instalment of the series-A in December 2009.

Company
Cequr was founded in 2008 and is headquartered in Horw with additional offices in Nordborg, Denmark, and Marlborough, USA.

The business develops insulin delivery devices for people with type-2 diabetes. Cequr's main product, PaQ, is a wearable device that is designed to provide three days of consistent basal insulin delivery and on-demand bolus insulin delivery. Basal insulin, also known as background insulin, is used to keep blood glucose levels steady at times of fasting. Bolus insulin is a dose taken specifically at meal times by a diabetic to keep blood glucose levels under control after a meal.

Cequr's PaQ device works through a disposable insulin infuser reservoir that is attached to a reusable insulin monitor. The product received CE mark approval last November.

People
James Peterson is the founder and CEO of Cequr. Damien Tappy, managing partner and president at Endeavour Vision, sits on Cequr's board of directors alongside Diego Braguglia, a general partner at VI.