San Diego-based GlySens Inc., a medical technology company, announced Monday that it has closed a $12 million Series C investment round.
Glysens will use the proceeds from the new investment to advance the development of its ICGM continuous glucose-monitoring system for people with diabetes. The system includes a fully implantable sensor, with an intended one-year life, that wirelessly transmits glucose levels continuously to an external receiver for display and logging. The system 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.
"The proceeds from this investment will enable us to address final product development tasks and bring the GlySens ICGM system to an advanced state of commercial readiness on the path to market introduction," said Joseph Lucisano, GlySens president and CEO. "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."
The round included participation from several new undisclosed investors as well as a group of returning investors who previously had participated in the company’s last round of financing, according to a company press release.