CeQur SA, a Horw, Switzerland-based company focused on the development and commercialization of simple insulin delivery devices, closed a $27m Series B financing.
The round was led by two new private investors with participation of all current shareholders.
The company intends to use the funds to manufacture the CeQur PaQ® simple insulin delivery device, which received CE Mark approval in November 2012, as well as to fund activities related to United States regulatory approval.
Established in January 2008 and led by CEO James Peterson, CeQur develops and commercializes advanced insulin delivery devices for people living with type 2 diabetes to adhere to therapy and stay in control of their disease. Its flagship product is PaQ, a wearable device that provides three days of consistent, basal insulin delivery along with on-demand bolus insulin.
The device comprises a disposable insulin infuser reservoir attached to a reusable insulin monitor.
The company also has operations in Nordborg, Denmark and Marlborough, Massachusetts.