Xeris Pharmaceuticals plans to go public, filing for a $75 million IPO on the Nasdaq, according to the firm Renaissance Capital. No pricing terms have yet been disclosed.
The Chicago-based company is developing a handheld glucagon rescue pen for severe hypoglycemia, dubbed the G-Pen, as well as a bi-hormonal, closed-loop artificial pancreas. The pen is currently in a phase 3b trial, according to Xeris. Other glucagon-based products for hypoglycemia and hyperinsulinism are undergoing phase 2 studies.
In February, the company completed two phase 3 clinical trials and a human factors study of the rescue pen device. A phase 3b trial was then launched to evaluate the entire treatment episode compared to current emergency glucagon, including preparation and administration times.
“We believe our glucagon autoinjector has the potential to offer benefits over currently marketed glucagon kits that require reconstitution and syringe filling prior to administration in a life-threatening emergency setting,” CEO Paul Edick said. Xeris’ formulation aims to provide the first soluble, room-temperature stable, ready-to-inject glucagon.
Founded in 2005, Xeris plans to trade using the stock symbol XERS. The company raised $55 million earlier this year, with $10 million through series C investments and $45 million in a loan agreement.
The proceeds will fund the auto-injector’s NDA submission planned for the second quarter of this year, according to Edick. A previous series C round in May 2017 raised another $30 million, and was used to support late-phase development.