Xeris files $75M IPO to fund shelf-stable glucagon rescue injector

Diabetes blood sugar testing
Xeris aims to file an NDA this year for the first room temperature-stable glucagon rescue injection, for diabetes patients with severe hypoglycemia. (Pixabay)

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.

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“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.