Xeris invests in production of ready-to-use glucagon 13th March 2018
Xeris Pharmaceuticals, a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, is investing to accelerate commercial preparation of its lead product candidate, a ready-to-use glucagon rescue pen for the treatment of severe hypoglycaemia in diabetes patients.
Funding for the investment includes a $45 million loan agreement with Silicon Valley Bank and Oxford Finance, as well as the sale of the remaining Series C equity to several current investors, totalling a further $10 million.
The proceeds from the two financings will help accelerate the development of additional product candidates applying Xeris’ ready-to-use glucagon to intermittent and chronic-use indications that require administration over a longer period. These additional conditions include: post-bariatric hypoglycemia; congenital hyperinsulinism; hypoglycemia-associated autonomic failure; exercised-induced hypoglycemia; and as the glucagon component of a fully-integrated, bi-hormonal artificial pancreas via a closed-loop pump.
Paul R Edick, President & CEO of Xeris, said “Proceeds from the combined funding will be used to help prepare for submission of a New Drug Application [NDA] and accelerate commercial preparation for Xeris’ lead product candidate, an investigational ready-to-use glucagon rescue pen for treatment of severe hypoglycemia in people with diabetes.”
“We are excited about the progress Xeris has made and continue to believe the combination of its proprietary formulation technology platforms, late-stage ready-to-use glucagon rescue product, deep pipeline, and experienced team will bring significant benefits to patients, physicians, and caregivers. We are pleased to help Xeris advance the NDA submission and commercial preparation of its investigational ready-to-use glucagon rescue pen and accelerate the development of its product pipeline” said Daniel Fero of Merieux Développement, one of the company’s investors.