Xeris Pharmaceuticals completes $55 million in new financing
Xeris Pharmaceuticals, Inc., a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, has entered into a $45 million Term Loan and Securities Agreement (“Loan Agreement”) with Silicon Valley Bank and Oxford Finance LLC. Xeris also announced the final closing of its Series C equity with new investments totaling $10 million. The equity closing was led by one of its current investors, Merieux Développement. Other participants in the Series C financing included current investors such as Wild Basin Investments and several members of Xeris management.
Paul R. Edick, President & Chief Executive Officer of Xeris, said, “We are pleased to enter into this Loan Agreement with Silicon Valley Bank and Oxford Finance as well as complete the sale of the remaining Series C equity to several current investors. 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 believe the closing of both the Loan Agreement and Series C financing is a sign of continued strong support from our existing investors and financing partners.”
“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.
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.
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