Pelikan Tech Raises $69 Million

Pelikan Technologies Inc., a Palo Alto, Calif.-based developer of hand-held blood glucose diagnostic and monitoring devices for diabetics, has raised $69 million in Series F funding. Clarus Ventures led the round, and was joined by return backers HBM BioVentures, Global Life Science Ventures, Mannheim Holdings and Bio*One Capital. It previously had raised around $57 million.

 

In related news Pelikan also has received pre-approval for a $20 million venture loan facility from GE Capital and Oxford Finance.

 

PRESS RELEASE

 

Pelikan Technologies Inc., a leading developer of innovative hand-held medical diagnostic and monitoring devices, today announced the closing of a $69,000,000 Series F Preferred Stock equity financing led by Clarus Ventures LLC.  Also participating in the financing are new as well as current Pelikan investors, including HBM BioVentures Ltd, Global Life Science Ventures, Mannheim Holdings LLC and Bio*One Capital. Dennis Henner, Ph.D., a managing director at Clarus Ventures, has joined Pelikan's Board of Directors in connection with this financing. UBS Investment Bank acted as sole placement agent for Pelikan for this private placement. In addition to the Equity Financing the Company has received pre approval for a $20,000,000 venture loan facility from General Electric Capital Corporation and Oxford Finance Corporation. The total financing including this venture loan facility is $89,000,000.

 

Pelikan intends to use a portion of the proceeds from this financing to support the company's near-term commercialization of the FDA-approved Pelikan Sun