GlucoLight Corporation Raises First Tranche of $8 Million "C" Round
Published: Mar 20, 2007
Investment Group Led by Matignon Technologies & Ben Franklin Technology Partners of Northeastern Pennsylvania
BETHLEHEM, Pa.--(BUSINESS WIRE)--GlucoLight Corporation, a development-stage company focused on blood glucose monitoring in the acute care environment, today announced the closing of a $2 million first tranche of “C” round financing, with the second tranche expected to close in late 2Q 2007.
The financing was led by Matignon Technologies, a venture fund located in Paris, France. Ben Franklin Technology Partners of Northeastern Pennsylvania, a state-funded economic development organization that links early-stage companies with funding and other resources to help them prosper through innovation also participated in the round. Other individual investors participated including both current shareholders and new investors.
The funding from the financing will enable GlucoLight to complete the development of its optical, continuous glucose monitor (OCGM), a non-invasive monitor designed for the acute care environment. The money raised in this round of financing will help fund the clinical studies leading up to an expected pivotal trial in 2008.
“This next stage of financing is an important influx of capital for GlucoLight as we continue development of our OCGM device for hospitals,” said Ray Krauss, Chief Executive Officer of GlucoLight Corporation. “Since our founding in 2003, GlucoLight has focused on innovation, as well as prudent and efficient use of capital. We have been able to go from concept to working prototype - including initial clinical trials in the field of intended use - on an initial capital raise of $7 million. We expect the next round of financing to bring us through the clinical trials process.”
GlucoLight’s continuous, non-invasive device is a novel approach to glucose monitoring in the acute care environment. Using optical coherence tomography (OCT), the device is able to measure blood glucose levels through a unique anatomical area in the skin that shows physiological changes that directly correlate to changes in blood glucose. The GlucoLight monitor displays real time glucose measurements with an initial single point calibration.
Mr. Krauss continued, “We have developed and demonstrated a device that will provide physicians and health care workers with a product that not only provides continuous data, but will help offset labor and supply costs for hospitals. In recent trials, we have been extremely pleased with the device’s accuracy.”
Blood glucose monitoring has been called “the next vital sign”, linking elevated levels with complications for all patients following surgery. Intensive glucose control protocols, including the “Portland Protocol” developed by Dr. Tony Furnary, have been shown to decrease mortality and morbidity and reduce infections in post cardiac surgery patients.
GlucoLight’s OCGM device is intended to provide an efficient method to monitor patients’ glucose levels in real-time, effectively reducing the time spent on traditional blood testing methods and making it easier to achieve the cost savings associated with intensive glucose control, estimated to be $2,800 per patient.
Mr. Krauss concluded, “Based on compelling data that reinforces the importance of tight glycemic control in the acute care environment, coupled with the worldwide diabetes epidemic, we estimate the size of our near-term addressable market to be at least $500 million. In the coming months, our efforts will focus on additional product refinements to our device for the acute care environment and for eventual FDA evaluation. Eventually, we will miniaturize our glucose monitoring technology and develop a consumer product that will help both Type I and Type II diabetics better manage their glucose levels, and help decrease the complications associated with this world-wide illness.”
Medical Capital Advisors of Boston, MA serves as financial advisor to GlucoLight.
The GlucoLight OCGM monitor requires regulatory clearance and is not yet commercially available.
About GlucoLight Corporation
Formed in 2003, GlucoLight is a development-stage company focused on continuous, non-invasive blood glucose monitoring in the acute care environment.
Using Optical Coherence Tomography (OCT), GlucoLight has identified specific physiological targets within the dermis that closely correlate to changes in blood glucose levels. GlucoLight’s OCGM monitor samples these physiological targets every 30 seconds to track blood glucose levels to a high degree of accuracy.
Today, GlucoLight’s OCGM monitor is the only continuous, non-invasive blood glucose monitor for the acute care environment that is in clinical trials.
For more information, visit www.GlucoLight.com.
About Matignon Technologies, Paris, France
Matignon Investissement & Gestion, created in 1996, is an independent fund management company managing €250million. Its latest fund, Matignon Technologies II, focuses predominantly on Medtech and medical services and is one of the largest European funds in the field.
Christophe Douat + 33 1 53 53 98 10
About Ben Franklin Technology Partners of Northeastern Pennsylvania
BFTP/NEP is a state-funded economic development organization that links early-stage companies and established manufacturers with experts, universities, funding, and other resources to help them prosper through innovation.
GlucoLight Corporation Ray Krauss, 484-893-5132 x700 Ray@GlucoLight.com or Media: Gregory FCA Paul Johnson, 610-642-8253 x115 Paul@GregoryFCA.com