June 12, 2020
GlySens Incorporated announced that the company has closed on an incremental $15M financing. The round was led by previous lead investors, McNair Interests and The Sarofim Group.
GlySens notes that the proceeds from the financing will support ongoing clinical trials and development programs supporting the Company’s fully implanted, long-term CGM systems and additionally, enable first-in-man studies of the third-generation system.
The Eclipse 3 ICGM System is designed to provide long-term glucose monitoring with a targeted 2-year implant lifetime, a sensor that is 40% smaller than the previous sensor generation with no additional electronics or need for “on-body” adhesive components. The system communicates via Bluetooth® Low Energy (BLE5) directly with an iPhone®, thus eliminating any dedicated receiver and supporting an interoperable diabetes device ecosystem. First implants with the Eclipse 3 system are targeted for Q1 2021 with expanded trials to follow.
“We are most impressed and encouraged with the fundamental bio-engineering prowess and creative problem-solving displayed by the technical team at GlySens” commented Dr. Jake Kushner, Medical Director of McNair Interests. “Fully implanted, long-term sensors have long been plagued by a confounding foreign body response essentially limiting in-vivo sensor viability to weeks or, best case, months but certainly not years. The GlySens measurement engine brings real promise to the prospect of a multi-year, fully implanted CGM system. We believe the GlySens’ team is well-positioned to deliver on this next-generation CGM solution” added Dr. Kushner.
“We are tremendously appreciative of this vote of confidence and continuing support from McNair Interests and The Sarofim Group” commented William Markle, President, and CEO of GlySens Incorporated. “We have, by sheer necessity, evolved into a highly focused, biotechnology-driven company poised to deliver the first viable, long-term, fully implantable CGM solution which eliminates any body-worn components while delivering CGM performance in-line with today’s commercial standards” added Mr. Markle.