SAN DIEGO, Jan. 5, 2015 /PRNewswire/ -- GlySens Incorporated announced today that it has closed a $12 million dollar Series C investment round, which included participation from several new investors as well as a group of returning investors that had previously participated in the Company's Series B financing. The Company will utilize the proceeds from the new investment to advance the development of its ICGM™ continuous glucose monitoring system for people with diabetes. This system includes a fully implantable sensor, with an intended one-year life, that wirelessly transmits glucose levels continuously to an external receiver for display and logging. The system operates without need for any through-the-skin or skin-attached elements and is expected to offer significant advantages to users, as compared with other glucose monitoring approaches.
"The proceeds from this investment will enable us to address final product development tasks and bring the GlySens ICGM system to an advanced state of commercial readiness on the path to market introduction," said Joseph Lucisano, PhD, GlySens President and CEO. "We are pleased to have continued support from our returning investors, and are especially happy to welcome the new investors who played a key role in closing this round and providing support at this important juncture. As we conduct the upcoming human clinical trial involving our second generation receiver and fully implantable continuous glucose sensor, this additional funding will enable us to address the remaining elements needed to bring all aspects of the ICGM system to a fully commercial configuration. Closing the round at this time will be especially valuable as we accelerate our efforts in the final development phases."
About GlySens Incorporated
GlySens Incorporated is a privately held corporation devoted to developing the world's first truly long term continuous glucose monitoring system, intended to dramatically improve the lives of people with diabetes. The GlySens fully implanted sensor—demonstrated up to 18-month lifetime in preclinical testing—wirelessly links to a convenient external receiver, designed to provide continuous, at-a-glance glucose measurement, recording, and alerts regarding hypo- and hyperglycemic glucose excursions. In contrast with other approaches that may require calibration multiple-times-per-day, system calibration checks of the GlySens sensor are designed to be required only infrequently, freeing users from the need for burdensome care and maintenance. For people living with diabetes, the GlySens implantable continuous glucose monitoring system (the GlySens ICGM™ system) is intended to provide a means for easy, unobtrusive, worry-free glucose monitoring, and empower users by providing the information they need, while freeing them to live life on their own terms. Additional information is available at www.glysens.com.
ICGM is a trademark of GlySens Incorporated.
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SOURCE GlySens Incorporated