Sensors for Medicine and Science, Inc. Receives Over $15 Million in Second Closing of Series C Round

    GERMANTOWN, Md., Nov. 3 /PRNewswire/ -- Sensors for Medicine and Science,
 Inc.(R), announced today that it has completed the second closing of a private
 financing, in the form of a Series C, Convertible Preferred Stock issuance.
 Aggregate proceeds from both tranches of the financing exceed $30 million.
 The first tranche, approximately $15 million, was closed in April 2002.
 Proceeds from the financing are expected to enable the Company to
 substantially complete clinical development of the Company's implanted,
 continuous glucose monitor.
     Five venture capital firms participated in the financing, all of which had
 invested previously in the Company.  New Enterprise Associates, which provided
 the Company's seed funding, and HealthCare Ventures are the principal
 investors in this round.  The other investors are Rho Capital Partners, Anthem
 Capital L.P., and Abingworth Management Limited.  Several individual investors
 also participated.
     Sensors for Medicine and Science, Inc.(R), based in Germantown, MD, is
 developing novel sensor technology that enables sensor applications which have
 not been practical with existing technology.  For example, the Company's
 implantable, remotely interrogatable glucose monitor for diabetics will
 address a current global market for glucose monitoring products that exceeds
 $5 billion and is growing at double digit rates.  The Company has also
 developed a very fast oxygen sensor that enables real-time, breath-by-breath
 analysis for metabolic, critical care and other respiratory function
 applications.  Sensors for Medicine and Science, Inc.(R), which was founded in
 January 1997, has exclusive rights to more than thirty issued and pending U.S.
 patents on its core technology.
 
 

SOURCE Sensors for Medicine and Science, Inc.

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.