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
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.