SAN DIEGO, Jan. 5, 2016 /PRNewswire/ – GlySens Incorporated announced today that it has closed a $20M Series D financing led by prior investors from its Series C round, in addition to significant participation from new investors.
"The clinical performance of our fully implanted ICGM® system, now with multiple patients approaching 12 months of in-vivo use, was instrumental in our ability to secure incremental funding on terms highly supportive of the Company's long term vision and viability," commented William Markle, President and CEO of GlySens. "Our current clinical trial being conducted in San Diego, under an FDA-approved IDE, is continuing to emphatically demonstrate the viability of the GlySens Eclipse ICGM® system to continuously monitor interstitial glucose in subjects with diabetes for a minimum of 12 months, with essentially zero impact to body image, and with the intended requirement of finger stick calibration only once or twice per month. We are so fortunate to have such sophisticated and passionate investors who share our vision of an uncompromised, unobtrusive CGM solution; we take their endorsement and vote of confidence very seriously," continued Mr. Markle.
"The proceeds from this Series D investment, in combination with the significant remaining balance from our prior Series C round, places us in an enviable position to further expand our clinical trials to support a CE-Marking application, hire additional staff, and complete the build-out of a new modern facility and optimized manufacturing plant," commented Joseph Lucisano, PhD, the Company's co-founder and Chief Technology Officer. "We are making rapid progress on both the optimization of the sensor itself and on its attendant signal processing algorithms, and are pleased also to be nearing completion of our first commercial-version receiver. Plans are additionally in process for pushing our sensor data directly to a smart phone," continued Dr. Lucisano.
About GlySens Incorporated
GlySens Incorporated is a privately held corporation devoted to developing the world's first unobtrusive, truly long term continuous glucose monitoring system, intended to dramatically improve and simplify the lives of people with diabetes. The GlySens fully implanted sensor—having demonstrated up to an 18-month lifetime in preclinical testing—wirelessly links to a convenient external receiver, designed to provide continuous, at-a-glance glucose reporting and alerts regarding hypo- and hyperglycemic glucose excursions. While other CGM approaches may require calibration multiple-times-per-day and demand continuous wearing of through-the-skin or skin-attached components, the calibration checks of the fully-implanted, unobtrusive, wirelessly-linked GlySens sensor are designed to be required only infrequently, freeing users from burdensome care and maintenance requirements. 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—"Live more, worry less." Additional information is available at www.glysens.com.
ICGM is a trademark of GlySens Incorporated registered in the U.S. Patent and Trademark Office.
Caution - INVESTIGATIONAL DEVICE, LIMITED BY FEDERAL LAW TO INVESTIGATIONAL USE.
SOURCE GlySens Incorporated