GlySure Secures $10.9 Million in Series C Financing Round
OXFORD, England, January 9, 2012 /PRNewswire/ --
GlySure Limited, developer of in-hospital continuous blood glucose monitoring systems, today announced the close of its $10.9 million Series C financing round. GlySure will use this funding to complete clinical trials to supportregulatory approval in the United States and Europe.
The financing round was supported by Morningside Venture, as well as existing investors Amadeus Capital Partners, Chester Investments and Delta Partners. Since its foundation in May 2006, GlySure has secured a total of $19.5 million in venture capital funding.
"We are excited about the opportunity to support GlySure's regulatory trials," said Reenie McCarthy, representing Morningside Venture. "There is a significant unmet need for continuous glucose monitoring in critical care, and the results from GlySure's initial ICU trials show that the company is on track to deliver the performance and ease-of-use required to enable clinicians to effectively implement Tight Glycemic Control."
GlySure recently completed initialhuman use trials on over 90 intensive care patients. The trials demonstrated that the GlySure system can accurately measure blood glucose levels across the entire human physiological range for the duration of a patient's stay in the Intensive Care Unit(ICU).
"This new financing round recognizes not only the significant clinical results, but also the management team's capital efficiency and ability to cost effectively deliver a product with the potential to improve outcomes for over 8 million ICU patients annually," added Dr. Joey Mason, partner at Delta Partners and a director of GlySure.
"There have been over 100 publications demonstrating the ability of Tight Glycemic Control to improve outcomes and reduce cost in the ICU," said Chris Jones, GlySure CEO. "We are grateful for the support of our existing and new investors and look forward to completing our regulatory trials so that we can bring intensive care units a system that will allow them to deliver on the decade-long promise of Tight Glycemic Control."
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 hospital Intensive Care Unit (ICU). GlySure was founded in 2006, it is based in Abingdon, Oxfordshire, England and it has 16 employees. http://www.glysure.com.