The financing secured will drive growth and accelerate commercial expansion efforts, support the scaling of commercial teams and outreach initiatives to bring CeQur Simplicity™, its 4-day wearable insulin delivery device, to more healthcare providers and patients managing diabetes.

HORW, Switzerland, Jan. 7, 2025 /PRNewswire-PRWeb/ — CeQur®, a medical device company dedicated to simplifying insulin delivery for individuals on multiple daily injections, today announced the successful close of a $120 million financing round. This significant investment underscores the confidence in CeQur’s mission to simplify the lives of people managing diabetes.

The funds will support the continued commercial expansion of CeQur Simplicity, the company’s innovative 4-day wearable insulin delivery device. CeQur will continue to grow its Sales Force and expand its Clinical team to ensure that more people living with diabetes can benefit from convenient, discreet, and injection-free dosing.

“We are grateful for the support of our investors as we accelerate our mission to transform diabetes care,” said Brad Paddock, President and CEO of CeQur. “This financing will enable us to reach more patients, expand our commercial footprint, and continue innovating solutions that simplify mealtime insulin management”, said Mike Rubino, CFO of CeQur.

CeQur has seen growing adoption of its CeQur Simplicity patch, a discreet, easy-to-use bolus insulin delivery solution, with over 6,000 patients currently using the device.

CeQur continues to increase and improve pharmacy access. In addition to the more than two thirds of commercially insured patients on formulary, CeQur has reached agreements with numerous Medicare Part-D and State Medicaid programs. Overall, better than 80% of all claims are being covered as a pharmacy benefit. The average copay is less than $45/month.

Related to manufacturing, CeQur’s 40,000 sq/ft automated cleanroom facility completed all of its qualifications in Q4 2024. The facility is scheduled to manufacture commercial product in 2025.

For more information about CeQur and its groundbreaking product, visit myceqursimplicity.com.

About CeQur Simplicity

CeQur Simplicity is a simple, 4-day wearable Insulin Delivery Device for discreet, convenient and injection-free bolus dosing. One CeQur Simplicity patch holds up to 200 units of rapid-acting insulin administered in two-unit increments and replaces, on average, twelve daily mealtime injections over four days. Clinical research has shown that nearly 90% of patients using CeQur Simplicity reported following their insulin regimen better as compared to multiple daily injections.(1) The Patch is clinically proven to improve glycemic control, with patients achieving significantly improved A1C and time-in-range (TIR) goals.(2,3)

About CeQur®

CeQur is commercializing advanced, simple-to-use insulin delivery devices that make it easier for people living with diabetes to adhere to therapy and stay in control of their disease. The Company’s simple, wearable devices provide freedom from multiple daily insulin injections.

More information can be found at cequr.com.

References:

Zraick V, Dreon D, Nalk R, Shearer D, Crawford S, Bradford J, Levy B. 2016. Patient User Experience Evaluation of Bolus Patch Insulin Delivery System. Poster presented at the American Diabetes Association’s 76th Scientific Sessions. Abstract 995-P. New Orleans, LA, USABergenstal R, Peyrot M, Dreon D, Aroda V, Bailey T, Brazg R, Frias J, Johnson M, Klonoff D, Kruger D, Ramtoola S, Rosenstock J, Serusclat P, Weinstock R, Naik R, Shearer D, Zraick V, Levy B. 2019. Implementation of Basal–Bolus Therapy in Type 2 Diabetes: A Randomized Controlled Trial Comparing Bolus Insulin Delivery Using an Insulin Patch with an Insulin Pen. Diabetes Technology and Therapeutics 21 (5):1-13.Bergenstal R., et al Comparing Patch vs Pen Bolus Insulin Delivery in Type 2 Diabetes Using Continuous Glucose Monitoring Metrics and Profiles; Journal of Diabetes Science and Technology 1–7, 2021

Media Contact

Kim Holdsworth, Chief Marketing Officer, CeQur®, 1 (864) 754-0852, media@cequr.com, https://myceqursimplicity.com 

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SOURCE CeQur®

The new facility in Chennai will manufacture Airedale by Modine™ advanced cooling technologies and also cooling modules for stationary power generation equipment

RACINE, Wis., Jan. 7, 2025 /PRNewswire/ — Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced plans to open a new facility in Chennai, India, in mid-2025 to meet increased demand for mission-critical cooling solutions used at data centers. The facility will manufacture data center cooling equipment under the Airedale by Modine™ brand, and also cooling modules for stationary power generation equipment. This expansion follows the recent opening of new manufacturing facilities in Calgary, Canada, and Bradford, UK in response to data center industry demand.

“This strategic expansion of two Modine businesses in India is an example of how we are driving growth by capturing the mega-trends connected to high-performance computing and AI,” said Neil D. Brinker, President and CEO. “By increasing capacity and establishing production facilities in India, we are in a strong position to provide a range of highly engineered enabling technologies to the data center industry.”

Data center investment in India has accelerated in recent years. In addition to having a growing economy that is driving demand for data, the availability of skilled labor and local investment in enhanced connectivity to Africa, Asia, and the Middle East make India an increasingly attractive market. Several data center hyperscale and colocation companies have already invested in India and need technologies to cool everything from the campus power infrastructure to inside the data center hall.

“India is a key part of our growth strategy to meet customer demand in India, Asia, and the Middle East,” said Art Laszlo, Group Vice President, Global Data Centers. “Airedale by Modine invests heavily in research and development to design technologies that are suitable for all regions and plants. We solve our customers’ most critical data center cooling challenges with tailored solutions from just outside the data center hall to the rack.”

“Our cooling modules enhance the performance and efficiency of the stationary power generation units that serve as primary and back-up power and support load management on a data center campus,” said Matthew Powell, Vice President and General Manager, Air-Cooled Applications. “We’re already supplying customers globally and this additional capacity expands our manufacturing footprint so we can fulfill new global orders by this summer.”

This will be Modine’s second facility in India. Modine Thermal Systems India opened in 2007 and designs and manufactures cooling modules for off-highway and commercial vehicles, and power generation equipment.

For more information about Airedale by Modine solutions, please visit www.airedale.com.

About Modine
At Modine, we are Engineering a Cleaner, Healthier World™. Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them. Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and environmentally-friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com.

Media Contacts:
UK: Nicola Ware | E: nicola.d.ware@airedale.com | Tel: +44 113 2391000
US: pr@modine.com

Investor Contact:
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com

Forward-Looking Statements

This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” “projects,” and other similar “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine’s actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under “Risk Factors” in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 and under Forward-Looking Statements in Item 7 of Part II of that same report and in the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2024 and September 30, 2024. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, energy costs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, public health threats, and military conflicts, including the current conflicts in Ukraine and in the Middle East and heightened tensions in the Red Sea; the overall health and pricing focus of our customers; our ability to successfully realize anticipated benefits, including improved profit margins and cash flow, from our strategic initiatives and our application of 80/20 principles across our businesses; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to accelerate growth organically and through acquisitions and successfully integrate acquired businesses; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and warranty claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology (“IT”) systems; the impact of a material weakness identified in our internal controls related to IT system access in Europe on our financial reporting process; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements.

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SOURCE Modine

AMSTERDAM, Jan. 7, 2025 /PRNewswire/ — Mews, the industry-leading hospitality cloud, today announces the acquisition of Clarity Hospitality Software Solutions.

Clarity Hospitality Software Solutions (Clarity) was founded in New Zealand in 1992 to provide property and event management systems to upmarket properties and hotels. In 2016, Clarity opened its UK office and now provides its solutions and services to hundreds of hotel groups, event venues and independent hotels across APAC and the UK, managing thousands of rooms and maintaining a profitable business.

Today, Mews is used by hundreds of hotels in APAC and the UK. The acquisition increases the presence of Mews in these regions as more hotels adopt its technology to revolutionize their guest offering.

Mews has experienced significant momentum over the last year, including a valuation crossing $1 billion, surpassing 75,000 hospitality staff platform users worldwide and increased its customers in the UK by 42% and APAC by 16%.

Matt Welle, CEO of Mews, commented, “We’re excited to partner with a team with deep industry knowledge who will help to continue transforming the industry across the world. This acquisition takes us one step further on our vision to build a truly connected network of hotels globally, and we look forward to working with even more customers in the UK and APAC who believe in a future of personalized hospitality, enabled by technology.”

Dougall Love, Owner and CEO of Clarity Hospitality Software, added, “For us, great hospitality technology is all about streamlining tasks to increase productivity, provide a top-class experience to guests and driving repeat and referral business, making for more efficient and profitable hospitality businesses. Mews truly shares our vision of providing remarkable guest experiences and we’re excited to continue supporting our customers with world-class resources as we join forces with Mews.”

Clarity Hospitality Software marks its 12th acquisition.

About Mews

Mews is the leading platform for the new era of hospitality. Powering over 5,500 customers across more than 85 countries, Mews Hospitality Cloud is designed to streamline operations for modern hoteliers, transform the guest experience and create more profitable businesses. Customers include BWH Hotels, Strawberry, The Social Hub and Airelles Collection. Mews was named Best PMS (2024) and listed among the Best Places to Work in Hotel Tech (2021, 2022, 2024) by Hotel Tech Report, as well as World’s Best Hotel PMS Provider (2023) and World’s Best Independent Hotel PMS Provider (2022, 2023) by World Travel Tech Awards. Mews has raised $335 million from investors including Goldman Sachs Alternatives, Kinnevik and Notion to transform hospitality.

For more information, please contact press@mews.com 

About Clarity Hospitality Software Solutions

Clarity Software Solutions (NZ) Ltd and Clarity Hospitality Software Solutions (UK) Ltd have sold, implemented, trained and supported the Clarity software solutions in the New Zealand and UK regions for over 20 years. Clarity customers include Hotel Management Groups, Exclusive Resorts and Independent hotels. Customers include Capstone, CPG, Brooke Serene, Bespoke, Peel Hotels management groups, Solitaire, Treetops, Kinloch and Delamore Lodges (New Zealand), Voli Voli resort (Fiji), Amanaki and St Therese Resorts (Samoa), Mar Hall, Craigellachie, Nailcote Hall, Carnoustie Golf Hotel and Spa (UK), as well as many independent hotels. Clarity is proud of its reputation for first class support and customer communication that is the foundations of its long-term success.

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