A Medical Device Daily
Luminous Medical (Carlsbad, California) reported completing a $23.5 million round of Series B financing. Adams Street Partners led the investment, joined by new investors RiverVest Venture Partners, and Finistere Ventures. Existing investors De Novo Ventures and Latterell Venture Partners also participated in the round.
Luminous is developing an automated blood glucose monitor for in-hospital use with critically ill patients. The Luminous monitor is being designed to simplify the implementation of tight glucose control by providing frequent glucose measurements automatically.
“We will use these funds to complete product development and pursue our commercialization strategy,” said Rick Thompson, president/CEO.
LinkMed’s (Stockholm, Sweden) portfolio company Oncolog Medical is carrying out a new issue of shares worth SEK 25 million ($4.14 million), in which LinkMed is investing SEK 5 million ($828,921). SLS Venture also is entering as a new partner with an investment of SEK 20 million ($3.32 million).
Oncolog is issuing new shares at a subscription price of SEK 80, of which SLS Venture is subscribing to 250,000. Following the new issue, LinkMed will own 533,835 shares corresponding to an ownership stake of 48.9% in Oncolog and SLS Venture’s ownership stake will be 22.9%.
At the end of 2007, LinkMed said Oncolog accounted for 10% of its total portfolio value.
The capital injection from the new issue will be used to finance the further development of the ongoing commercialization and development of Oncolog’s products and system solutions for quality assurance and patient logistics at radiotherapy clinics for cancer treatment.
In other financing news: GlucoLight (Bethlehem, Pennsylvania), a development-stage company focused on non-invasive, continuous blood glucose monitoring, reported closing a third tranche of its C round financing, the amount not disclosed. In addition to the second tranche of financing reported in February, GlucoLight said it is nearing the close of its C round.
The financing was provided by Life Sciences Greenhouse, Robin Hood Ventures and individual investors, both current and new.
The funding will be used for GlucoLight’s next series of clinical studies with the Sentris-100T, a continuous, non-invasive glucose monitor with initial application in the acute care environment. The financing also allows GlucoLight to begin the miniaturization and “productization” of the device for an eventual consumer monitor, it said.
“This third round of financing brings us closer to completing our Series C ... ,” said Ray Krauss, CEO of GlucoLight. “As was the case for the second tranche in February, these funds will help us complete our next round of clinical trials expected in May 2008, as we look to complete Sentris-100 for the hospital environment. It also assists us with the continued development of Sentris-100 for consumer and everyday use, efforts that began early this year.”