SOURCE: Global Life Science Ventures AG

December 06, 2007 06:15 ET

GLSV invests in Pelikan Technologies

ZUG, SWITZERLAND and Munich, GERMANY--(Marketwire - December 6, 2007) -

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 EUR 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

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:

Copyright © Hugin ASA 2007. All rights reserved.

Contact Information