Xeris Pharmaceuticals, Inc., an Austin, TX-based biopharmaceutical company developing the a glucagon rescue pen for emergency treatment of severe hypoglycemia, has completed a $1.5m Series A financing.
The round was led by the Central Texas Angel Network (CTAN), with participation of life science investors including family offices from California and Tennessee.
The company intends to use this capital, along with a $1M Phase 2 Small Business Innovation Research grant from the National Institute of Diabetes, Digestive and Diseases of the Kidney (NIDDK), to conduct the Phase 1/2 trial with its G-Pen™, its glucagon rescue pen for emergency treatment of severe hypoglycemia, which contains a room-temperature stable, non-aqueous glucagon solution that will be delivered as a 0.2 mL subcutaneous injection with an auto-injector pen.
Led by CEO John Kinzell, Xeris develops patient-friendly injectable drugs based on its non-aqueous XeriJect™ and XeriSol™ formulation-delivery platforms. These platforms allow Xeris to reformulate existing drugs as highly concentrated, ultra-low-volume, and room-temperature stable formulations that do not require reconstitution (mixing with water before injection).
In conjunction with the funding, Douglas Baum, managing investor at CTAN, will join the company’s board of directors.