Global Life Science Ventures (GLSV) today announced that it has invested in a $69 million Series F financing round in Pelikan Technologies. The company, based in Palo Alto, California, is developing innovative hand-held diagnostic and monitoring devices capable of significantly improving the screening and management of a variety of medical conditions, in particular diabetes. The round, led by Clarus Ventures LLC, also included existing investors HBM BioVentures, Mannheim Holdings LLC and Bio*One Capital. In addition to the Equity Financing, the Company has received pre approval for a $20,000,000 venture loan facility from General Electric Capital Corporation and Oxford Finance Corporation. The total financing including this venture loan facility is $89,000,000.

Pelikan Technologies was founded in 2001 to develop and commercialize new diagnostic technologies created by the co-founders while working at Agilent Technologies, a spin-out from Hewlett Packard. The company combines novel and proprietary blood sampling and measurement techniques with state-of-the-art miniaturization and automation to develop superior hand-held diagnostic and monitoring devices. The company’s Pelikan SunÔ lancing device, cleared by the FDA, provides greater convenience and significantly reduced pain to people with diabetes. Pelikan is currently developing a one-step, fully integrated blood glucose sampling and measurement solution, scheduled for launch in 2008.

Stephen J. McCormack, PhD, Partner at GLSV, commented, “Pelikan’s innovative, fully integrated diagnostic technologies offer the potential for a significant enhancement in quality of life for the millions affected with diabetes. Their newest device will allow diabetes patients to test blood glucose in a minimally invasive and painless manner, and as a consequence we expect greater compliance in testing and better glucose control.” Dr. McCormack will join the Pelikan Board as an observer.

Peter Reinisch, PhD, Partner at GLSV, added, “The investment in Pelikan, with a product already on the market and a second one close to launch, reflects GLSV’s strategy of balancing the higher risk of early stage projects with later stage companies that are already successfully employing new technologies to address unmet medical needs.”

About Global Life Science Ventures GLSV is a leading, independent venture capital fund focusing exclusively on the life sciences. With offices in Switzerland and Germany, GLSV is dedicated to supporting early-stage companies originating from universities, scientific institutions or industry, but also invests in selected later-stage companies, including buy-outs. The group currently advises and manages funds totaling more than €200 million. GLSV has now financed 33 innovative life science companies throughout Europe and the USA, thirteen of which have completed an exit through IPO, trade sale or M&A. Since 1996, GLSV has built up a broadly diversified portfolio of companies in pharmaceuticals, diagnostics, medical devices, and biotechnology.
http://www.glsv-vc.com

Posted: 12|6|07 at 4:35 pm. Filed under: News.