Glucon closes financing round led by 3i

17 Jan 2007

Glucon, Inc. of Boulder, CO, USA announced today that it has closed a private financing round. The financial investment was led by global venture capital firm 3i plc. New investors from the USA included: Sequel Venture Partners, Quest Capital Partnership and Hunt Ventures. Returning investors from Israel included:  Aurum Ventures, Giza Venture Capital, MKI, Infinity Venture Capital Fund, and Ascend Technology Ventures. Klaus Stoeckemann from 3i and Dan Mitchell from Sequel joined the board.

This financing round will continue Glucon's development of its Optimus(tm) automated blood glucose measurement system for hospitalized patients. Patients in most Intensive Care Units and operating rooms are treated with Intensive Insulin Therapy in order to achieve Tight Glycemic Control. Insulin therapy protocols require hourly tests and currently these tests are performed using conventional finger-sticks - a painful, time-consuming and costly procedure. Aggressive treatment of insulin therapy results in significant improvements in overall morbidity and mortality.

Klaus Stoeckemann, healthcare partner at 3i said, "We are excited to join this international syndicate of co-investors to help bring Glucon's products to the hospital market. The Glucose Monitoring market is a key focus area for 3i's healthcare team. Glucon's innovative blood glucose monitoring device promises to transform and improve patient care, shortening hospital stays and freeing up valuable nursing time."

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Notes to editors

About 3i

3i is a world leader in private equity and venture capital.  We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia.  Our competitive advantage comes from our international network and the strength and breadth of our relationships in business.  These underpin the value that we deliver to our portfolio and to our shareholders.

3i's Venture Capital partners focus on investing in scaleable seed and start-up and early-stage technology and healthcare businesses on a global basis. The business currently manages investments across Europe, US, Asia and Israel, valued at over $1bn. 3i VC plans to invest $1.5bn funds over the next five years in exciting and ambitious companies in three main areas: healthcare (medtech and biotech), consumerisation of IT (telecommunications, Internet, media and electronics/semiconductors) and the clean technology sector. 

Recent investments include TransMedics, Zonare, Small Bone Innovations, Carmel Pharma, Ulthera, Endosense, Triage Wireless and elbion. It has been a strong year for successful realisations with trade sales of KuDOS Pharmaceuticals, Arakis, NeoPharma, PHARMetrics, SpineNext, and Arexis and IPOs for ProStrakan, Arpida, Paion, Jerini, Epigenomics, Phoqus, Ardana.   For more, go to: http://www.3i.com