Austin pharma company raises $7.2M to fund product development

Oct 9, 2014
Austin Business Journal

Xeris Pharmaceuticals Inc. has raised $7.2 million to fund development of its various technologies to treat diabetes

In June the company reported it has started the Phase 2 trials of its G-Pen Mini, which is intended to treat mild-to-moderate hypoglycemia or low blood sugar. The company was founded in 2011 in the Austin Technology Incubator

The money comes roughly a year after the company received $678,696 through a fast-track SBIR grant from the National Institute of Diabetes, Digestive and Kidney Diseases, with the potential for that grant to increase to $1.14 million

Earlier this year, Xeris moved into wet lab space on Red River Street to accommodate future growth. The building, in the 3200 block of Red River, gives the company 7,000 square feet of research and office space near downtown Austin, which can be a rarity for biotech companies trying to locate in Austin since Georgetown has been more successful in creating space tailor made for those kinds of companies

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