Glysure completes series C second closing for a total of $13.6 million
GLYSURE COMPLETES SERIES C SECOND CLOSING FOR A TOTAL OF $13.6 MILLION
Funding will support completion of clinical trials and regulatory submission of its continuous blood glucose monitoring system
Wednesday, November 28, 2012: Oxfordshire, England: GlySure Limited, developer of in-hospital continuous blood glucose monitoring systems, today announced that it 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. Since its founding in May 2006, GlySure has raised $22.4 million in venture capital funding 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, Tight Glycemic Control 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 the GlySure 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 for GlySure as we've seen positive results from our human use trials, significantly strengthened our intellectual property portfolio, expanded our senior 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 patient benefits of TGC."
To address the growing interest in TGC, the company has launched a redesigned website to provide in-depth information on GlySure's technology, progress to date and glycemic control. Visit www.glysure.com.