GlySens has closed a $12 million Series C investment round, which included participation from several new investors as well as a group of Series B investors. The new capital will go towards development of its the company’s ICGM continuous glucose monitoring system for people with diabetes.
The ICGM monitoring system consists of a fully implantable sensor, with an intended one-year life, that 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, GlySens’ system frees users from the need for burdensome care and maintenance. What’s more, it 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.
“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,” said Joseph Lucisano, PhD, GlySens President and CEO. “Closing the round at this time will be especially valuable as we accelerate our efforts in the final development phases.”