Xeris Pharmaceuticals, Inc., an Austin, Texas-based specialty biopharmaceutical company focused on the development and commercialization of novel formulations of injectable drugs, closed a $41m Series C financing.
The round was led by the Redmile Group with partiipation from new investors Deerfield Management and Sabby Management, as well as The McNair Group and other existing investors. In conjunction with the financing, Robert C. Faulkner, Managing Director, Redmile Group, to Xeris’ Board of Directors.
The company intends to use the funds to advance its lead product, which utilizes its room-temperature-stable glucagon solution based on its XeriSol™ platform, a proprietary, non-aqueous formulation technology.
Led by Douglas R. Baum, President and Chief Executive Officer, Xeris develops injectable therapeutics for multiple indications including diabetes. The company’s proprietary XeriSol™ and XeriJect™ formulation technologies allow for the subcutaneous and intradermal delivery of highly concentrated, non-aqueous, ready-to-inject formulations of peptides, proteins, antibodies and small molecules using auto-injectors, multi-dose pens and pumps.