Pelikan closes $29.2 M Series D financing

By SiliconIndia   |   Wednesday, 27 October 2004, 07:00 Hrs
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PALO ALTO: Pelikan Technologies Inc., a leading developer of products for hand-held diagnostics, today announced the closing of a $29.2 million Series D Preferred Stock financing with several leading international investors. With the closing of the financing, which was led by Zurich-based swissfirst Bank AG, Pelikan has now raised $46.2 million since the company's inception in 2001.

Raja Bose (General Manager, United Kingdom)
Ganapati Mauze, Ph.D. (Vice President of Research & Development

Proceeds from this financing will be primarily used to support Pelikan's commercialization of the FDA-cleared Pelikan Sun(TM) electronic lancing device, as well as the continued development of the company's fully-integrated lancing and glucose monitoring device. Additionally, the company will dedicate resources towards the development of further innovative products addressing the Diabetes Care market.

Pelikan's products are designed to significantly improve the quality of life for individuals with diabetes by providing the first fully-integrated blood sampling and glucose measurement systems. The company's products promise to streamline blood glucose monitoring from a cumbersome, painful, multi-step process to an automated, one-step process that dramatically improves ease-of-use and significantly reduces the pain associated with sample collection and measurement.

Pelikan's first product, which is expected to be launched in the spring of 2005, is the Pelikan Sun lancing device. Based on the company's "one-step, one-button" approach, this lancing device is the first fully-automated, electronically-controlled, self-contained system that allows a patient to execute the entire lancing process at the touch of a button. Lancing, an often painful act of piercing the skin in order to obtain a sample of blood for glucose measurement, is required multiple times each day for millions of people with diabetes. Pelikan's innovative technology significantly reduces that pain and allows people with diabetes to more easily obtain a blood sample.

"We are excited to have achieved this important financial milestone, which will enable Pelikan to broaden the commercialization efforts of the Pelikan Sun product," said Pelikan's President and CEO, Dirk Boecker, M.D., Ph.D. "As important, this new capital will allow us to accelerate the development of our cutting-edge fully-integrated lancing and glucose monitoring device, positioning Pelikan to launch the system in 2007."

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