Xeris brings in $30mm through new Series C round; adds $10mm

In its second financing of Series C preferred shares, Xeris Pharmaceuticals Inc. (injectable drugs) raised $30 from lead investor Redmile Group, other returning shareholders Deerfield Management, Palmetto Partners, Wild Basin Investments, and Asahi Kasei, and first-time backers Bay City Capital, Merieux Développement, and Xeris executives. The company will use the funds for Phase III trials and NDA submission of its G-Pen glucagon auto-injector for treating severe hypoglycemia in Type I diabetics. Additional money will advance three programs for its ready-to-use glucagon formulation and to commence development of new therapies that incorporate its Xeris non-aqueous formulation technology. In January 2016 Xeris raised $41mm in Series C financing and added $4mm to the round in December.