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Glysure Secures $10.9 Million in Series C Financing Round

1/9/2012 6:36:09 AM

Oxford, England - January 9, 2012 - 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 support regulatory 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 initial human 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.”

Company Contact: Chris Jones, CEO, GlySure. Tel: +44(0)1235 462 870.

Media Contact: Kara Della Vecchia, KDV Communications, Inc.. Tel: 508-314-3127.

About GlySure:

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). The company has demonstrated through ICU testing highly accurate sensors which can provide continuous glucose readings throughout the length of a patient’s stay in the ICU. GlySure was founded in 2006, it is based in Abingdon, Oxfordshire, England and it has 16 employees.

About Tight Glycemic Control (TGC):

In 2001 Greet Van den Berghe demonstrated that controlling patient glucose levels in the ICU within tight normal ranges yielded significant improvements in patient outcomes including a 46 percent reduction in incidence of sepsis, 41 percent reduction in renal failure, 50 percent reduction in blood transfusions and 34 percent reduction in mortality. This study created a new field of medical research with over 100 publications in the past decade including two showing a financial benefit to the hospital in savings of $1,580 to €2,638 per patient. The challenge for hospitals is that few ICUs have the resources available to draw blood and perform glucose measurements at the frequency required to safely maintain patients within the target glucose range.

About Amadeus Capital Partners:

Amadeus Capital Partners is one of Europe's leading technology venture capital firms, with £500m under management. Since its inception in 1997, the firm has backed over 80 companies in industries that include communications and networking hardware and software, cleantech, medical technology, computer hardware and software, media, and e-commerce. Major businesses built by the firm include CSR plc (LSE: CSR), the leading producer of single chip Bluetooth radios for short range connections; retinal imaging company, Optos plc (LSE: OPTOS); Solexa Ltd, the developer of next generation genetic analysis systems, merged into Illumina, Inc. (ILMN) to create the world-leader in gene-sequencing technology; and Transmode, a networking solutions business that had an over-subscribed IPO on NASDAQ OMX Stockholm in May 2011.

About Delta Partners:

Delta Partners is among the most active early-stage venture capital investors in Europe. Established in 1994 and with €250 million under management in 70 companies, the firm focuses on investing in early-stage technology companies across ICT and healthcare, primarily medical technology. Current investments include Miracor Medical Systems GmbH, Genable Technologies Ltd., SpineGuard S.A., Neoss Ltd., Accunostics Ltd., and Advanced Surgical Concepts Ltd. The partners’ backgrounds in start-ups, operations, strategy and finance complement the drive and ambition of entrepreneurial management teams.

About Morningside:

Morningside is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged primarily in private equity and venture capital investments. The group has investments in North America, Europe, across Asia-Pacific, and since 1992, in mainland China. Morningside was one of the earliest institutional investors in China’s internet industry and in recent years has been an active investor in China’s emerging biotechnology sector.

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