Zug/Munich, 6 December 2007 - 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, Lombard
Odier Darier Hentsch & CIE, Private Life BioMed AG and 2trade group
Ltd.
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.
Global Life Science Ventures
Industry-born team - Proven track record - Global perspective
Germany Switzerland
GLSV GmbH GLSV AG
Von-der-Tann-Str. 3 Postplatz 1, P.O. 626
D - 80539 München CH - 6301 Zug
Tel. +49 (0)89 288 151 0 Tel. +41 (0)41 727 19
Fax +49 (0)89 288 151 30 40
Fax +41 (0)41 727 19 45
www.glsv-vc.com
mailbox@glsv-vc.com
For additional information, please contact:
Rochat & Partners MC Services (Germany)
Jonathan Leighton or Christophe Stefan Riedel
Lamps Tel. +49 (0) 89 210 228 40
Tel. +41 22 786 54 55 Fax +49 (0) 89 210 228 88
Fax +41 22 786 54 58 E-Mail:
E-Mail: stefan.riedel@mc-services.eu
jleighton@rochat-pr.ch
clamps@rochat-pr.ch