August 13, 2008

VentureWire

GluMetrics Takes In $20M Series C For Trials

GluMetrics Inc., a company developing a glucose monitoring device for hospital uses, has raised $20.1 million in Series C financing to take the company through trials.New investor New Leaf Ventures led the round, joined by new investor Kaiser Permanente Ventures and existing investors Advanced Technology Ventures and Versant Ventures, said William H. Markle, chief executive of GluMetrics. Valuation of the company was not disclosed.Based in Irvine, Calif., GluMetrics is developing GluCath, a single-use catheter and sensor system for the real-time intravenous monitoring of a patient's glucose in the hospital."We are focused on a very novel way of continuous monitoring for the hospital patient," Markle said. "The latest raise is designed to take us through clinicals and into sales."Markle declined to give a schedule for either clinical trials or commercialization, but said that the round would cover all the trials and the initial take-to-market costs. "Our plan is that this will take us to the very beginning of a commercial launch," he said.A strategic investor like Kaiser Permanente, which has deep connections with many health-care providers, will be important for the product launch, Markle said. "When we get close to commercialization, having that network will be important," he said.Prior to this round, GluMetrics raised a $9 million Series B - its first institutional round - in August 2006 from ATV and Versant. Previously, the company raised an undisclosed amount of money from individuals.As a result of the financing, Milt McColl, venture partner at New Leaf, has joined GluMetrics' board.