Arkal Medical, Inc. Secures $17.5 Million in Series B Financing
Freemont, California, September 16, 2008 - ArKal Medical, Inc. raised $17.5 million in a Series B financing round led by Thomas McNerney & Partners. Existing investors, Delphi Ventures and MedVenture Associates were also significant investors in this round.
ArKal Medical is developing a novel continuous glucose monitoring system for the management of diabetes. ArKal's monitoring system is designed to eliminate many of the inconveniences of current glucose monitoring technologies.
"There is a lot of room to improve both convenience and ease of use in continuous glucose monitoring in the management of diabetes. ArKal Medical's technology has the potential to make an important advancement and address significant unmet needs in this market," said Pete McNerney cofounder and partner at Thomas McNerney and Partners.
"We are extremely pleased to have the support of such a strong group of investors and this latest infusion of capital is a positive endorsement of the Company's team, technology and strategy. With this investment, we will fund the next stage of corporate and product milestones," said Arvind N. Jina, Ph.D., President and Chief Executive Officer of ArKal Medical.
About the Investors:
Thomas, McNerney & Partners is a health care venture capital firm with approximately $600 million under management focused on investing in life science and medical technology companies at all stages of development. In addition to helping entrepreneurs launch companies with seed and early stage funding, the firm provides growth capital to emerging companies to advance clinical development or for product commercialization. The firm has offices in Stamford, Minneapolis and San Francisco. For more information, please visit http://www.tm-partners.com.
Delphi Ventures is a venture capital firm that has focused on early stage investing in medical devices and biotechnology for two decades. With more than $1 billion in committed capital, Delphi Ventures has funded over 150 companies. More than 90 of Delphi's portfolio companies have either completed an initial public offering or have been acquired by a leading healthcare corporation. For more information, visit http://www.delphiventures.com.
MedVenture Associates, founded in 1986, identifies and invests in new medical technologies and the entrepreneurs developing them to create the next generation of medical practice. For more information, visit http://www.medven.com.