Switzerland-based CeQur has completed a $120m equity financing round to support the ongoing commercialisation efforts for its CeQur Simplicity insulin delivery device.
The company stated that since its pilot market launch in April 2021, more than 6,000 diabetes patients are now using the device, which comprises a wearable insulin delivery patch for injection-free bolus dosing.
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CeQur plans to put the latest funding towards scaling its commercial teams and outreach initiatives to bring CeQur Simplicity to more healthcare providers and patients.
In June 2024, the device gained 510(k) clearance from the US Food and Drug Administration (FDA) for an extended wear duration from three to four days – a development the company said would replace up to 12 injections for simplified mealtime insulin management and result in more than 1,000 fewer injections annually.
CeQur president and CEO Brad Paddock commented: “We are grateful for the support of our investors as we accelerate our mission to transform diabetes care.”
CeQur’s chief finance officer Mike Rubino said: “This financing will enable us to reach more patients, expand our commercial footprint, and continue innovating solutions that simplify mealtime insulin management.”
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By GlobalDataThe International Diabetes Federation estimates that the number of people living with diabetes worldwide will rise to 643 million by 2030, with key contributors to the rise in type 2 diabetes, including ageing populations, decreasing levels of physical activity, and an increased prevalence of obesity.
In April 2021, CeQur previously closed a $115m funding round to support commercialisation efforts for CeQur Simplicity. Combined with the latest round, its funding currently totals $235m.
Elsewhere in diabetes, Medtronic received FDA clearance last November for an app in its InPen smart insulin pen that offers personalised and real-time insights for individuals managing diabetes through multiple daily injection (MDI) therapies.
In the same month, Abbott opened a new manufacturing facility in Kilkenny, Ireland, for its diabetes care business that will primarily focus on the global manufacturing of sensors for its continuous glucose monitoring (CGM) devices.
