Chicago’s Xeris Pharmaceuticals has $55 million in new money to work as the company preps to take its lead investigational product – a glucagon rescue pen for diabetics – to the market.
The funding mainly comes from a $45 million loan from Silicon Valley Bank and Oxford Finance, with the remaining $10 million coming by way of a Series C equity round. The C backers include Merieux Développement, which led the round, and Wild Basin Investments.
The company plans to use the proceeds to help fund the NDA and commercial preparation for its investigational glucagon rescue pen for the treatment of severe hypoglecemia in people with diabetes.
The funds will also go towards Xeris’ pipeline, which uses the company’s ready-to-use glucagon to conditions that require administration over a longer period of time, including post-bariatric hypoglycemia and congenital hyperinsulinism, among other indications.
“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,” Daniel Fero, senior associate at Merieux, said in a statement.
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