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Glucon Medical Ltd., A Developer Of Non-Invasive Glucose Monitoring Devices, Completes First Closing Of $13 Million


10/19/2005 5:09:38 PM

TEL AVIV, Israel, Jan. 7 /PRNewswire/ -- Glucon (http://www.glucon.com/), an Israel based developer of non-invasive glucose monitoring technology for the diabetic market, has completed the first closing of a financing round led by Giza Venture Capital, InnoMed Ventures (the Life Science fund of Jerusalem Global Ventures), and Infinity Venture Capital, and a strategic investor from Japan. Glucon was founded in 2000 by Israeli scientists Ron Nagar and Dr. Benny Pesach. The Company currently employs a professional team of fifteen engineers, physicists and algorithm experts. InnoMed was the only investor in Glucon until the closing of the current financing round.

Glucon, a start-up R&D company, develops devices which provide non-invasive, continuous, accurate, and real-time blood glucose monitoring for clinical and personal use. The Company's unique Photoacoustics technology enables direct measurement of glucose levels from within blood vessels. Continuous non-invasive glucose monitoring is essential for controlling diabetes and preventing diabetic complications. Glucon's technology represents a significant improvement over both the commonly used finger stick blood testing system as well as alternative non-blood measuring systems currently under development.

One of the important investors in this round is a leading Japanese distributor of medical devices and health care products.

Ron Nagar, CEO of Glucon, said, "We are pleased with the successful closing of this financing round despite the adverse economic environment. We are grateful to our existing investors for their outstanding support and confidence in the Company and are pleased that we have succeeded in attracting new strategic and financial investors. This new financing will allow us to complete both the development of our device and the clinical trials necessary to receive marketing clearance. Having strategic investors will better position our product to penetrate the global market."

Allon Reiter, VP, Life Sciences at Giza Venture Capital said, "Glucon's technology is unique both within Israel and globally. The caliber and combined expertise of the research and R&D team gives Glucon's technology the edge over competitors as they have created a device which can significantly reduce the inconvenience of testing for those who suffer from diabetes."

Dr. Dalia Megiddo, managing partner, InnoMed Ventures, the fund that co founded Glucon said: "The 'Diabesity' epidemic (Diabetes and Obesity) is currently that largest health problem of the western population and costs the health insurers tens of billions of dollars each year. Glucon is currently considered the greater hope to a convenient solution of the Diabetes problems and we are proud to have been a co founder of this company."

Amir Gal-Or, Managing Partner at Infinity said: "There are currently about 180 million diabetics worldwide, 16 million of whom live in the U.S. 20% of all diabetics require glucose monitoring. The market potential in the US alone currently stands at about $4 billion and this is expected to grow over the next few years. Glucon has the potential to cover large parts of this market and it will use some of the capital raised to complete its product development."

Allon Reiter from Giza and Amir Gal-Or from Infinity will join Dr. Dalia Megiddo as board members of Glucon.

TopNotch Capital, one of Israel's leading life science investment banking boutiques, and Triangle Technologies a leading business development company specializing in the Japanese market, acted as placement agents for this round.

Contact: Dr. Dalia Megiddo, Managing partner InnoMed Ventures - Jerusalem Global Ventures +972-55-667766 Ron Nagar, CEO Glucon +972-55-266544 +972-3-9347657

Jerusalem Global Ventures Ltd.

CONTACT: Ron Nagar, CEO of Glucon, +972-55-266544, or mobile,+972-3-9347657; Dr. Dalia Megiddo, Managing partner of InnoMed Ventures -Jerusalem Global Ventures, +972-55-667766


Read at BioSpace.com

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