Published Sept. 20, 2011
GlucoTec Inc., the privately held parent company of Glytec LLC, announced Monday the completion of Series A Preferred Stock financing totaling $8.27 million.
The financing was led by Sea Dragon Healthcare Partners, L.P., with participation by Standard Pacific Capital Holdings LLLP.
Glytec will use the capital primarily to expand its direct U.S. sales force, increase its international presence and advance research and development.
"We also look forward to welcoming...some very experienced and knowledgeable healthcare expertise onto our board, which will enhance the breadth and vision of the company," said Robert E. Fischell, chairman of GlucoTec.
Glytec has developed and deployed network-based systems for glycemic management under the trade name of G+(TM) Enterprise Edition since 2010.
Headquartered in Greenville, Glytec offers real-time glycemic management systems for individualized dosage recommendations of insulin, glucose and saline, considering patient information such as demographics, lab results, and risk factors. The systems can be installed locally or operated remotely across the Internet.