XERS Xeris Pharmaceuticals Inc.

2.58
-0.06  -2%
Previous Close 2.64
Open 2.68
52 Week Low 1.42
52 Week High 12.942
Market Cap $96,999,762
Shares 37,596,807
Float 36,986,346
Enterprise Value $60,798,570
Volume 2,133,361
Av. Daily Volume 1,728,561
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Drug Pipeline

Drug Stage Notes
Pramlintide and insulin
Type 1 diabetes
Phase 2
Phase 2
Phase 2 data released June 18, 2020. 62% reduction of hyperglycemia after a glucose challenge.
Self administered glucagon
Exercise-Induced Hypoglycemia
Phase 2
Phase 2
Phase 2b trial met primary endpoints - June 15, 2020.
Self administered glucagon
Post-Bariatric Hypoglycemia
Phase 2
Phase 2
Phase 2b outpatient data released May 22, 2020.
Continuous glucagon
Hypoglycemia-Associated Autonomic Failure
Phase 2a
Phase 2a
Phase 2 data showed no statistically significant differences between the treatment arms. Program to be discontinued - November 21, 2019.
Diazepam
Seizures
Phase 1b
Phase 1b
Phase 1b data released April 20, 2020 - safe and well-tolerated
Glucagon Rescue Pen
Severe hypoglycemia
Approved
Approved
FDA Approval announced September 10, 2019.
Continuous glucagon
Congenital Hyperinsulinism
Phase 2
Phase 2
Phase 3 trial to be initiated 2H 2019.

Latest News

  1. $0 copay card available for eligible commercial patients

    Approximately 78% of commercially insured and Medicare lives have unrestricted access to Gvoke HypoPen at launch

    Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that Gvoke HypoPen™ (glucagon injection) is now available by prescription in the U.S. for the treatment of severe hypoglycemia in adults and children with diabetes ages 2 years and above. Gvoke HypoPen is the first ready-to-use glucagon in a premixed autoinjector, with no visible needle.

    This press release features multimedia. View the full…

    $0 copay card available for eligible commercial patients

    Approximately 78% of commercially insured and Medicare lives have unrestricted access to Gvoke HypoPen at launch

    Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that Gvoke HypoPen™ (glucagon injection) is now available by prescription in the U.S. for the treatment of severe hypoglycemia in adults and children with diabetes ages 2 years and above. Gvoke HypoPen is the first ready-to-use glucagon in a premixed autoinjector, with no visible needle.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200701005285/en/

    (Photo: Business Wire)

    (Photo: Business Wire)

    Gvoke HypoPen offers simple administration with the certainty of delivery. Studies have shown it is:

    • Easy to use: premixed and ready-to-go
    • A reliable method of delivery: 99% of people were able to use it correctly
    • Proven to work: 99% of adults and 100% of kids had their blood sugars raised to safe levels.

    Gvoke HypoPen is available in two doses: 0.5 mg/0.1 mL for children (who weigh less than 100 pounds) and 1 mg/0.2 mL for adolescents and adults (who weigh 100 pounds or greater).

    "We are excited to announce that Gvoke HypoPen is now available. The simplicity and reliability of Gvoke HypoPen has the potential to change people's ability to confidently respond to a severe hypoglycemic event in a timely manner," said Paul R. Edick, Chairman and Chief Executive Officer of Xeris Pharmaceuticals. "In addition, as we prepared for launch, we had a heightened focus on ensuring Gvoke HypoPen is covered by insurance. Currently, approximately 78% of commercially insured and Medicare lives have unrestricted access to Gvoke HypoPen."

    "Gvoke HypoPen allows the diabetes community to change how we approach treating severe low blood sugar events," said Bruce Bode, MD, FACE, Atlanta Diabetes Associates. "Anyone can use Gvoke HypoPen in two simple steps. That opens the door for some patients to even give it to themselves, in certain situations. My hope is that what was once considered a crisis moment, can now become a manageable situation with Gvoke HypoPen."

    Xeris is committed to ensuring that patients have access to this important new advancement. For a limited time, eligible commercially insured patients may pay as little as $0 for a two-pack of Gvoke HypoPen by using the Gvoke® copay savings card*. Xeris also offers a Patient Assistance Program to help those who qualify to get Gvoke.

    Please visit www.GvokeGlucagon.com to learn more.

    *Offer not valid for prescriptions reimbursed under Medicaid, a Medicare drug benefit plan, TRICARE, or other federal or state health programs (such as medical assistance programs).

    INDICATION AND IMPORTANT SAFETY INFORMATION

    GVOKE® is indicated for the treatment of severe hypoglycemia in adult and pediatric patients with diabetes ages 2 years and above.

    IMPORTANT SAFETY INFORMATION

    Contraindications

    GVOKE is contraindicated in patients with pheochromocytoma, insulinoma, and known hypersensitivity to glucagon or to any of the excipients in GVOKE. Allergic reactions have been reported with glucagon and include anaphylactic shock with breathing difficulties and hypotension.

    Warnings and Precautions

    GVOKE is contraindicated in patients with pheochromocytoma because glucagon may stimulate the release of catecholamines from the tumor. If the patient develops a dramatic increase in blood pressure and a previously undiagnosed pheochromocytoma is suspected, 5 to 10 mg of phentolamine mesylate, administered intravenously, has been shown to be effective in lowering blood pressure.

    In patients with insulinoma, administration of glucagon may produce an initial increase in blood glucose; however, GVOKE administration may directly or indirectly (through an initial rise in blood glucose) stimulate exaggerated insulin release from an insulinoma and cause hypoglycemia. GVOKE is contraindicated in patients with insulinoma. If a patient develops symptoms of hypoglycemia after a dose of GVOKE, give glucose orally or intravenously.

    Allergic reactions have been reported with glucagon. These include generalized rash, and in some cases, anaphylactic shock with breathing difficulties and hypotension. GVOKE is contraindicated in patients with a prior hypersensitivity reaction.

    GVOKE is effective in treating hypoglycemia only if sufficient hepatic glycogen is present. Patients in states of starvation, with adrenal insufficiency or chronic hypoglycemia, may not have adequate levels of hepatic glycogen for GVOKE administration to be effective. Patients with these conditions should be treated with glucose.

    Necrolytic migratory erythema (NME), a skin rash commonly associated with glucagonomas, has been reported post-marketing following continuous glucagon infusion and resolved with discontinuation of the glucagon. Should NME occur, consider whether the benefits of continuous glucagon infusion outweigh the risks. Glucagon administered to patients with glucagonoma may cause secondary hypoglycemia.

    Adverse Reactions

    Most common (≥5%) adverse reactions associated with GVOKE are nausea, vomiting, injection site edema (raised 1 mm or greater), and hypoglycemia.

    Drug Interactions

    Patients taking beta-blockers may have a transient increase in pulse and blood pressure when given GVOKE. In patients taking indomethacin, GVOKE may lose its ability to raise blood glucose or may even produce hypoglycemia. GVOKE may increase the anticoagulant effect of warfarin.

    Please see full Prescribing Information for GVOKE on www.xerispharma.com. Manufactured for Xeris Pharmaceuticals, Inc. by Pyramid Laboratories Inc., Costa Mesa, CA 92626.

    About Severe Hypoglycemia

    Hypoglycemic events of any severity are a daily concern for people with diabetes. Mild or moderate hypoglycemia can occur multiple times a month. Severe hypoglycemia is characterized by severe cognitive impairment, requiring external assistance for recovery, and can be extremely frightening for patients and caregivers. Severe hypoglycemia can result in cardiovascular disease, seizure, coma, and, if left untreated, death. These severe hypoglycemic events can occur multiple times a year. Such events require emergency assistance from another person or caregiver such as a family member, friend, or co-worker.

    About Glucagon

    Glucagon is a metabolic hormone secreted by the pancreas that raises blood glucose levels by causing the liver to rapidly convert glycogen (the stored form of glucose) into glucose, which is then released into the bloodstream. Glucagon and insulin are two critical hormones in a glycemic control system that keep blood glucose at the right level in healthy individuals. In people with diabetes who are dependent on insulin, this control system is disrupted, and insulin must be injected to avoid high levels of blood glucose (hyperglycemia). The opposite effect, or low blood glucose (hypoglycemia), is also prevalent in this population due to dysregulated glucagon secretion. Severe hypoglycemia is a serious condition and can lead to seizures, coma, potential brain injury and, if untreated, death.

    Glucagon is the standard of care for treating severe hypoglycemia. According to the American Diabetes Association, glucagon should be prescribed for all individuals at increased risk of clinically significant hypoglycemia, defined as blood glucose <54 mg/dL (3.0 mmol/L). Leveraging XeriSol™, one of Xeris' two proprietary formulation technology platforms, Xeris has the potential to provide the first ready-to-use, room-temperature stable liquid glucagon for use by people with diabetes and other conditions to prevent or manage various forms of hypoglycemia and improve glucose control.

    About Xeris Pharmaceuticals, Inc.

    Xeris (NASDAQ:XERS) is a specialty pharmaceutical company delivering innovative solutions to simplify the experience of administering important therapies that people rely on every day around the world.

    With a novel technology platform that enables ready-to-use, room-temperature stable formulations of injectable and infusible therapies, the company is advancing a portfolio of solutions in various therapeutic categories, including its first commercial product, Gvoke®. Its proprietary XeriSol™ and XeriJect™ formulation technologies have the potential to offer distinct advantages over conventional product formulations, including eliminating the need for reconstitution, enabling long-term, room-temperature stability, significantly reducing injection volume, and eliminating the requirement for intravenous (IV) infusion. With Xeris' technology, new product formulations are designed to be easier to use by patients, caregivers, and health practitioners and help reduce costs for payers and the healthcare system.

    Xeris is headquartered in Chicago, IL. For more information, visit www.xerispharma.com, or follow us on Twitter, LinkedIn or Instagram.

    Forward-looking Statements

    Any statements in this press release about future expectations, plans and prospects for Xeris Pharmaceuticals, Inc., including statements regarding the availability and acceptance of Gvoke® in the marketplace, the market and therapeutic potential of its product candidates, the timing or likelihood of commercialization of its product candidates, the potential utility of its formulation platforms and other statements containing the words "will," "would," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, without limitation, the regulatory approval of its product candidates, its ability to market and sell its products, if approved, and other factors discussed in the "Risk Factors" section of the most recently filed Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors in Xeris' subsequent filings with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Xeris expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    The Company intends to use the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

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  2. Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that on June 24, 2020, the Compensation Committee of Xeris' Board of Directors granted non-qualified stock options for an aggregate of 1,000 shares of its common stock to 2 new employees under Xeris' Inducement Equity Plan.

    Xeris' Inducement Equity Plan is used exclusively for the grant of equity awards to individuals who were not previously employed by Xeris or one of its subsidiaries as an inducement material to such individual's entering into employment with Xeris or one of its subsidiaries, pursuant to Rule 5635(c)(4…

    Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that on June 24, 2020, the Compensation Committee of Xeris' Board of Directors granted non-qualified stock options for an aggregate of 1,000 shares of its common stock to 2 new employees under Xeris' Inducement Equity Plan.

    Xeris' Inducement Equity Plan is used exclusively for the grant of equity awards to individuals who were not previously employed by Xeris or one of its subsidiaries as an inducement material to such individual's entering into employment with Xeris or one of its subsidiaries, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. The non-qualified stock options will vest over a period of four years, either 25% on the first anniversary of the grant with the remaining 75% vesting in thirty-six equal monthly installments thereafter, or 36% on 18 months after the grant date with the remaining 64% vesting in ten equal quarterly installments thereafter, and are subject to the employees' continued employment with Xeris or one of its subsidiaries. The non-qualified stock options are subject to the terms and conditions of Xeris' Inducement Equity Plan and forms of award agreements covering the grants.

    About Xeris Pharmaceuticals, Inc.

    Xeris (NASDAQ:XERS) is a specialty pharmaceutical company delivering innovative solutions to simplify the experience of administering important therapies that people rely on every day around the world.

    With a novel technology platform that enables ready-to-use, room-temperature stable formulations of injectable and infusible therapies, the company is advancing a portfolio of solutions in various therapeutic categories, including its first commercial product, Gvoke™. Its proprietary XeriSol™ and XeriJect™ formulation technologies have the potential to offer distinct advantages over conventional product formulations, including eliminating the need for reconstitution, enabling long-term, room-temperature stability, significantly reducing injection volume, and eliminating the requirement for intravenous (IV) infusion. With Xeris' technology, new product formulations are designed to be easier to use by patients, caregivers, and health practitioners and help reduce costs for payers and the healthcare system.

    Xeris is headquartered in Chicago, IL. For more information, visit www.xerispharma.com, or follow us on Twitter, LinkedIn or Instagram.

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  3. Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced the pricing of concurrent underwritten public offerings of 7,400,000 shares of its common stock (the "Shares") at a public offering price of $2.72 per share for gross proceeds of approximately $20.1 million, and $75.0 million aggregate principal amount of 5.00% Convertible Senior Notes due 2025 (the "Notes"). In addition, Xeris has granted the underwriters of the offering of the Shares (the "Shares Offering") a 30-day option to purchase up to an additional 1,110,000 Shares and the underwriters of the offering of the Notes…

    Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced the pricing of concurrent underwritten public offerings of 7,400,000 shares of its common stock (the "Shares") at a public offering price of $2.72 per share for gross proceeds of approximately $20.1 million, and $75.0 million aggregate principal amount of 5.00% Convertible Senior Notes due 2025 (the "Notes"). In addition, Xeris has granted the underwriters of the offering of the Shares (the "Shares Offering") a 30-day option to purchase up to an additional 1,110,000 Shares and the underwriters of the offering of the Notes (the "Notes Offering") a 30-day option to purchase up to $11.25 million aggregate principal amount of additional Notes. The sale of the Shares to the underwriters in the Shares Offering is expected to settle on June 30, 2020, subject to customary closing conditions, and is expected to result in approximately $18.8 million in net proceeds to Xeris, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Xeris (assuming no exercise of the underwriters' option to purchase additional Shares). The sale of the Notes to the underwriters in the Notes Offering is expected to settle on June 30, 2020, subject to customary closing conditions, and is expected to result in approximately $70.5 million in net proceeds to Xeris, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Xeris (assuming no exercise of the underwriters' option to purchase additional Notes). Neither offering is contingent on the completion of the other offering.

    The Notes will be senior, unsecured obligations of Xeris and will bear interest at a rate of 5.00% per year. Interest will be payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021. The Notes will mature on July 15, 2025, unless earlier repurchased, redeemed or converted. The initial conversion rate for the Notes is 326.7974 shares of Xeris' common stock per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $3.06 per share, which represents a premium of approximately 12.5% over the public offering price of Xeris' common stock in the concurrent Shares Offering of $2.72 per share). The Notes will be convertible at the option of the holders of Notes at any time before the close of business on the second scheduled trading day immediately before the maturity date. Conversions of the Notes will be settled in shares of Xeris' common stock together with cash in lieu of any fractional share, if applicable.

    The Notes will be redeemable, in whole but not in part, at Xeris' option at any time on or after July 20, 2023, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date but only if the last reported sale price per share of Xeris' common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date Xeris sends the related redemption notice; and (ii) the trading day immediately before the date Xeris sends such notice.

    Holders of Notes may require Xeris to repurchase their Notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if Xeris issues a notice of redemption, Xeris will, under certain circumstances, increase the conversion rate for holders of Notes who elect to convert their Notes in connection with such corporate event or convert their Notes called for redemption for a specified period of time.

    Xeris intends to use the net proceeds from the offerings to fund sales and marketing costs to support commercialization of GvokeTM; to repay $20.0 million of the borrowings under its senior secured loan facility; to repay $4.2 million of borrowings under, and terminate, its Paycheck Protection Program loan; to fund research and development activities relating to the advancement of its product candidates; for expansion of its technology or manufacturing infrastructure and capabilities; for potential strategic acquisitions of complementary businesses, assets, services or technologies; and the remainder for working capital, capital expenditures, and other general corporate purposes.

    Jefferies, SVB Leerink and Mizuho Securities are acting as joint book running managers for the Shares Offering. Jefferies, SVB Leerink, RBC Capital Markets and Mizuho Securities are acting as joint book running managers for the Notes Offering.

    The Shares Offering and the Notes Offering are being made pursuant to Xeris' shelf registration statement (including a base prospectus), a preliminary prospectus supplement related to the Shares Offering (together with such base prospectus, the "Shares Prospectus") and a preliminary prospectus supplement related to the Notes Offering (together with such base prospectus, the "Notes Prospectus"), all of which Xeris filed with the Securities and Exchange Commission ("SEC"). Xeris intends to file final prospectus supplements related to the Shares Offering and the Notes Offering with the SEC. Before investing in the Shares or the Notes, investors should read the Shares Prospectus and the Notes Prospectus, respectively, in each case, including the documents incorporated by reference therein, and any free writing prospectus related to the Shares Offering and the Notes Offering, as the case may be. These documents can be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Departments, 520 Madison Avenue, 2nd Floor, New York, NY 10022; by phone at (877) 821-7388; or by email at ; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by phone at 1-800-808-7525, ext. 6218, or by email at ; Mizuho Securities USA LLC, Attention: Equity Capital Markets, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020; by phone at (212) 205-7600; or by email at ; or, with respect to the documents related to the Notes Offering, RBC Capital Markets, LLC, Attention: Equity Syndicate Department, 200 Vesey Street, 8th Floor, New York, NY 10281; by phone at (877) 822-4089; or by email at . These documents can also be obtained by accessing the SEC's website, www.sec.gov.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of the Shares or the Notes (or any shares of Xeris' common stock issuable upon conversion of the Notes), in any state or other jurisdiction in which such offer, solicitation or sale of the Shares or the Notes (or any shares of Xeris' common stock issuable upon conversion of the Notes) would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Xeris Pharmaceuticals, Inc.

    Xeris is a specialty pharmaceutical company delivering innovative solutions to simplify the experience of administering important therapies that people rely on every day around the world.

    With a novel technology platform that enables ready-to-use, room-temperature stable formulations of injectable and infusible therapies, the company is advancing a portfolio of solutions in various therapeutic categories, including its first commercial product, Gvoke™. Its proprietary XeriSol™ and XeriJect™ formulation technologies have the potential to offer distinct advantages over conventional product formulations, including eliminating the need for reconstitution, enabling long-term, room-temperature stability, significantly reducing injection volume, and eliminating the requirement for intravenous (IV) infusion. With Xeris' technology, new product formulations are designed to be easier to use by patients, caregivers, and health practitioners and help reduce costs for payers and the healthcare system.

    Forward-Looking Statements

    Any statements in this press release about future expectations, plans and prospects for Xeris Pharmaceuticals, Inc., including statements about the completion of the proposed offerings, including amounts sold and expected timing of closing, the anticipated use of proceeds of the proposed offerings, future expectations, plans and prospects for the Company and other statements containing the words "may," "will," "could," "should," "expects," "intends," "target," "contemplates," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," or "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, without limitation: the uncertainties related to market conditions and the completion of the proposed offerings on the anticipated terms or at all, the market acceptance of GvokeTM and any product candidates, if approved, the regulatory approval of its product candidates, its ability to market and sell GvokeTM and any product candidates, if approved, the effect of uncertainties related to the COVID-19 pandemic on U.S. and global markets, Xeris' business, financial condition, operations, and clinical trials and its third-party suppliers and manufacturers, and other factors discussed in the "Risk Factors" section of Xeris' Annual Report on Form 10-K for the year ended December 31, 2019, which is on file with the SEC, as updated by any subsequently filed SEC filings, including Xeris' Quarterly Reports on Form 10-Q, and the "Risk Factors" section of Xeris' prospectus supplements and accompanying prospectus related to the proposed offerings. Any forward-looking statements contained in this press release speak only as of the date hereof, and Xeris expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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  4. Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that it has commenced concurrent underwritten public offerings of $20,000,000 in shares of its common stock (the "Shares") and $60,000,000 aggregate principal amount of convertible senior notes due 2025 (the "Notes"). In addition, Xeris expects to grant the underwriters of the offering of the Shares (the "Shares Offering") a 30-day option to purchase up to $3,000,000 of additional Shares and the underwriters of the offering of the Notes (the "Notes Offering") a 30-day option to purchase up to $9,000,000 aggregate principal…

    Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that it has commenced concurrent underwritten public offerings of $20,000,000 in shares of its common stock (the "Shares") and $60,000,000 aggregate principal amount of convertible senior notes due 2025 (the "Notes"). In addition, Xeris expects to grant the underwriters of the offering of the Shares (the "Shares Offering") a 30-day option to purchase up to $3,000,000 of additional Shares and the underwriters of the offering of the Notes (the "Notes Offering") a 30-day option to purchase up to $9,000,000 aggregate principal amount of additional Notes. The offerings are subject to market and other conditions, and there can be no assurance as to whether or when the offerings may be completed, or as to the actual size or terms of the offerings. Neither offering is contingent on the completion of the other offering.

    The Notes will be senior, unsecured obligations of Xeris, and interest will be payable semi-annually in arrears. The Notes will mature on July 15, 2025, unless earlier repurchased, redeemed or converted. The Notes will be convertible into shares of Xeris' common stock together with cash in lieu of any fractional share, if applicable. The interest rate, conversion rate and other terms of the Notes are to be determined upon pricing of the Notes Offering.

    Xeris intends to use the net proceeds from the offerings to fund sales and marketing costs to support commercialization of Gvoke™; to repay $20.0 million of the borrowings under its senior secured loan facility; to fund research and development activities relating to the advancement of its product candidates; for expansion of its technology or manufacturing infrastructure and capabilities; for potential strategic acquisitions of complementary businesses, assets, services or technologies; and the remainder for working capital, capital expenditures, and other general corporate purposes.

    Jefferies and SVB Leerink are acting as joint book running managers for the Shares Offering and Notes Offering.

    The Shares Offering and the Notes Offering are being made pursuant to Xeris' shelf registration statement (including a base prospectus), a preliminary prospectus supplement related to the Shares Offering (together with such base prospectus, the "Shares Prospectus") and a preliminary prospectus supplement related to the Notes Offering (together with such base prospectus, the "Notes Prospectus"), all of which Xeris filed or will file with the Securities and Exchange Commission ("SEC"). Before investing in the Shares or the Notes, investors should read the Shares Prospectus and the Notes Prospectus, respectively, in each case, including the documents incorporated by reference therein, and any free writing prospectus related to the Shares Offering and the Notes Offering, as the case may be. These documents can be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Departments, 520 Madison Avenue, 2nd Floor, New York, NY 10022; by phone at (877) 821-7388; or by email at ; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by phone at 1-800-808-7525, ext. 6218, or by email at , or by accessing the SEC's website, www.sec.gov.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of the Shares or the Notes (or any shares of Xeris' common stock issuable upon conversion of the Notes), in any state or other jurisdiction in which such offer, solicitation or sale of the Shares or the Notes (or any shares of Xeris' common stock issuable upon conversion of the Notes) would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Xeris Pharmaceuticals, Inc.

    Xeris is a specialty pharmaceutical company delivering innovative solutions to simplify the experience of administering important therapies that people rely on every day around the world.

    With a novel technology platform that enables ready-to-use, room-temperature stable formulations of injectable and infusible therapies, the company is advancing a portfolio of solutions in various therapeutic categories, including its first commercial product, Gvoke™. Its proprietary XeriSol™ and XeriJect™ formulation technologies have the potential to offer distinct advantages over conventional product formulations, including eliminating the need for reconstitution, enabling long-term, room-temperature stability, significantly reducing injection volume, and eliminating the requirement for intravenous (IV) infusion. With Xeris' technology, new product formulations are designed to be easier to use by patients, caregivers, and health practitioners and help reduce costs for payers and the healthcare system.

    Forward-Looking Statements

    Any statements in this press release about future expectations, plans and prospects for Xeris Pharmaceuticals, Inc., including statements about the size of the proposed offerings, completion of the proposed offerings, the anticipated use of proceeds of the proposed offerings, future expectations, plans and prospects for the Company and other statements containing the words "may," "will," "could," "should," "expects," "intends," "target," "contemplates," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," or "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, without limitation, the uncertainties related to market conditions and the completion of the proposed offerings on the anticipated terms or at all, the market acceptance of Gvoke™ and any other product candidates, if approved, the regulatory approval of its product candidates, its ability to market and sell Gvoke™ and any other product candidates, if approved, the effect of uncertainties related to the COVID-19 pandemic on U.S. and global markets, Xeris' business, financial condition, operations, clinical trials and our third-party suppliers and manufacturers, and other factors discussed in the "Risk Factors" section of Xeris' Annual Report on Form 10-K for the year ended December 31, 2019, which is on file with the SEC, as updated by any subsequently filed SEC filings, including Xeris' Quarterly Reports on Form 10-Q, and the "Risk Factors" section of Xeris' prospectus supplements and accompanying prospectus related to the proposed offerings. Any forward-looking statements contained in this press release speak only as of the date hereof, and Xeris expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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  5. XP-3924 resulted in a 62% reduction of hyperglycemia after a glucose challenge

    XP-3924 showed improved glucose control when compared to Humulin® R alone

    XP-3924 showed promising glucose control when compared to both Humulin® R and co-administered injections of Humulin® R and Symlin®

    XP-3924 was observed to be safe and well tolerated in this study

    Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced positive topline results from a proof-of-concept Phase 2 study of a novel Xerisol™ pramlintide-insulin co-formulation (XP-3924) in adults with type 1 diabetes mellitus.

    XP-3924…

    XP-3924 resulted in a 62% reduction of hyperglycemia after a glucose challenge

    XP-3924 showed improved glucose control when compared to Humulin® R alone

    XP-3924 showed promising glucose control when compared to both Humulin® R and co-administered injections of Humulin® R and Symlin®

    XP-3924 was observed to be safe and well tolerated in this study

    Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced positive topline results from a proof-of-concept Phase 2 study of a novel Xerisol™ pramlintide-insulin co-formulation (XP-3924) in adults with type 1 diabetes mellitus.

    XP-3924 is designed to improve the synergistic combination of two complementary therapies: pramlintide (an amylin-analog) and insulin. The separate administration of these existing therapies in combination reduces both post-prandial glucose excursions and glucose variability, as well as improves overall glycemic control. A pramlintide-insulin co-formulation may help reduce the daily burden associated with pramlintide co-administration (e.g., reduce the multiple additional injections needed per day). This reduction in the multiple injection burden using XP-3924 may also improve longer term pramlintide treatment adherence and persistency.

    The completed Phase 2 study was a randomized, open-label, active comparator-controlled, three-period cross-over study, which enrolled 18 adult participants with type 1 diabetes. This study aimed to investigate the pharmacokinetics, pharmacodynamics, and the safety and tolerability of a single dose of XP-3924 (administered based upon the subjects' insulin:carbohydrate ratio), when compared to co-administration of regular insulin (Humulin® R) and pramlintide (Symlin®), and to an injection of regular insulin alone (Humulin® R). Subjects were randomly allocated to a sequence of three treatments: XP-3924 (with 50% insulin reduction), regular insulin, or regular insulin (with 50% insulin reduction) plus pramlintide co-administered as separate injections. The study drugs were administered subcutaneously (SC) before the intake of a standardized 75-gram oral glucose challenge. The subjects' blood glucose levels were monitored for 6 hours after drug dosing. For more information, visit www.clinicaltrials.gov; Identifier: NCT04074317.

    Treatment with XP-3924 resulted in a 62.3% reduction of hyperglycemia (blood glucose >180 mg/dL) after the glucose challenge when compared to Humulin® R (p<0.001). Additionally, XP-3924 exhibited comparable postprandial glycemic control to that of the co-administered injections of Humulin® R and Symlin®. The mean absolute change in blood glucose was less in XP-3924 when compared to both Humulin® R and co-administered injections of Humulin® R and Symlin® after the oral glucose challenge. The glucose variability after treatment with XP-3924 was less than both Humulin® R and co-administered injections of Humulin® R and Symlin®, as defined by the comparison of the coefficient of variation of all plasma glucose readings across the 6-hour duration of study treatments.

    The incidence and severity of treatment emergent adverse events was comparable across all treatment arms, as were the overall number of hypoglycemic events during dosing visits. There were minimal gastrointestinal side-effects reported in any treatment arm. There was a comparable incidence of injection site reactions and no edema was noted, across all treatment arms. XP-3924 was safe and well tolerated, and no serious adverse events occurred in this study.

    "Amylin is a natural hormone that works in tandem with insulin and plays an important physiologic role in maintaining normal metabolic homeostasis by preventing glucose appearance after meals, thus preventing the post prandial rise that is so common in T1D. Developing a co-formulation of pramlintide and regular insulin could play an important role in the clinical care of people who need meal time insulin," said Dr. Steven V. Edelman, Clinical Professor of Medicine, Division of Endocrinology and Metabolism, UC San Diego School of Medicine.

    "The results of this Phase 2 study are exciting as they suggest that the co-formulation of insulin with pramlintide may reduce postprandial hyperglycemia while reducing iatrogenic hyperinsulinemia. The co-formulation may be a way to realize the benefits of pramlintide therapy while reducing some of the barriers to previous clinical implementation including an additional injection before each meal," said Dr. Jeremy Pettus, Assistant Professor of Medicine, Division of Endocrinology and Metabolism, UC San Diego School of Medicine.

    "Results from our proof-of-concept study demonstrate that XP-3924, our XeriSol pramlintide-insulin co-formulation, reduced postprandial glycemic excursions and has the potential to significantly improve the management of glycemic conditions of people with diabetes," said Paul R. Edick, Xeris' Chairman and CEO. "Pramlintide has many patient benefits yet is underutilized because of its additional daily injection burden. We believe our XP-3924 co-formulation can reduce this burden and may improve long-term pramlintide treatment adherence and persistency. Additionally, the prolonged pramlintide levels observed in XP-3924 may enhance the additional patient-focused benefits observed with delayed gastric emptying and satiety. Longer term evaluation of XP-3924 for overall glycemic control is warranted." Mr. Edick continued, "We anticipate an end-of-phase 2 meeting with the FDA later this year to discuss a path forward."

    About Pramlintide

    Pramlintide is an analog of amylin, a natural hormone that inhibits glucagon secretion, delays gastric emptying, and is known to help increase satiety. Pramlintide is indicated for patients with type 1 or type 2 diabetes who use mealtime insulin and have failed to achieve desired glycemic control despite optimal insulin therapy. It works by slowing the movement of food through the stomach. This prevents blood sugar from rising too high after a meal and may decrease appetite and cause weight loss. Pramlintide use with insulin has been associated with an increased risk of severe hypoglycemia, particularly in patients with type 1 diabetes.

    About Xeris Pharmaceuticals, Inc.

    Xeris (NASDAQ:XERS) is a specialty pharmaceutical company delivering innovative solutions to simplify the experience of administering important therapies that people rely on every day around the world. With a novel technology platform that enables ready-to-use, room-temperature stable formulations of injectable and infusible therapies, the company is advancing a portfolio of solutions in various therapeutic categories, including its first commercial product, Gvoke™. Its proprietary XeriSol™ and XeriJect™ formulation technologies have the potential to offer distinct advantages over conventional product formulations, including eliminating the need for reconstitution, enabling long-term, room-temperature stability, significantly reducing injection volume, and eliminating the requirement for intravenous (IV) infusion. With Xeris' technology, new product formulations are designed to be easier to use by patients, caregivers, and health practitioners and help reduce costs for payers and the healthcare system.

    Xeris is headquartered in Chicago, IL. For more information, visit www.xerispharma.com, or follow us on Twitter, LinkedIn or Instagram.

    Forward-Looking Statements

    Any statements in this press release about future expectations, plans and prospects for Xeris Pharmaceuticals, Inc., including statements regarding an end-of-phase meeting with the FDA to discuss a clinical path forward for XP-3924, the market and therapeutic potential of its product candidates, expectations regarding clinical data, the timing or likelihood of regulatory approval and commercialization of its product candidates, the timing or likelihood of expansion into additional markets, the potential utility of its formulation platforms and other statements containing the words "will," "would," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, without limitation, the regulatory approval of its product candidates, its ability to market and sell its products, if approved, its reliance on a single source supplier for Gvoke HypoPen™ and other factors discussed in the "Risk Factors" section of the most recently filed Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors in Xeris' subsequent filings with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Xeris expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The Company intends to use the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

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