GlySure Completes Series C Second Closing for a Total of $13.6 Million
ABINGDON, England, November 28, 2012 /PRNewswire/ --
GlySure Limited, developer of in-hospital continuous blood glucose monitoring systems, has completed the second close of its Series C financing round for a total of $13.6 million. GlySure will use this funding to complete clinical trials in support of U.S. and European regulatory clearance.
Series C investors included Amadeus Capital Partners, Chester Investments, Delta Partners, Morningside Ventures and Frank Bonsal, Jr. GlySure has raised $22.4 million in venture capital funding to date to support development of its continuous glucose monitoring (CGM) technology, which is designed to facilitate Tight Glycemic Control (TGC) in the intensive care unit (ICU).
"For over a decade, TGC has held the potential to reduce morbidity, mortality and the cost of care for ICU patients, but the technology to provide a cost-effective, accurate and easy-to-use solution has been elusive, until now," said Bill Moffitt, GlySure Chairman. "GlySure's system was designed from the ground up to meet the rigorous demands of the ICU and enable wide-spread adoption and implementation of this clinical practice. I'm excited to work with GlySure as it completes its regulatory trials and delivers the solution to address this critical but currently unmet need in healthcare."
Clinical trials conducted to date in over 120 ICU patients have demonstrated that GlySure's system can accurately measure glucose levels across the entire human physiological range with an extremely high degree of accuracy and repeatability, which is key to effectively implementing TGC.
"This has been an exciting and productive year as we've seen positive results from our human use trials, significantly strengthened our intellectual property portfolio, expanded our management team and positioned the company for commercialization," said Chris Jones, GlySure CEO. "We look forward to providing clinicians with an effective tool to help them realize the benefits of TGC."
GlySure has developed a continuous intravascular glucose monitoring system using a proprietary optical fluorescence sensor to meet the $2B+ worldwide demand for implementation of Tight Glycemic Control (TGC) in the Intensive Care Unit (ICU). The company has demonstrated through ICU testing highly accurate sensors, which can provide continuous glucose readings throughout the length of ICU stay. GlySure's products are not approved for use in the U.S. or Europe. http://www.glysure.com