Freedom Meditech Completes $7 Million Series B Financing to Support the Launch of the ClearPath DS-120™ and Additional Product Development

SAN DIEGO, Aug. 6, 2013 /PRNewswire/ -- Freedom Meditech today announced that it has closed a $7 million Series B financing. Funds will support the U.S. commercial launch of the ClearPath DS-120™ Lens Fluorescence Biomicroscope which was cleared by the U.S. Food and Drug Administration (FDA) earlier this year. The capital raised will also support the clinical development of the I-SugarX, a non-invasive personal glucose meter for people with diabetes that is operated by holding a small handheld device in front of the eye.

The Series B round is comprised of a syndicate of new investors as well as returning investors who participated the Series A round in 2009. The company has secured over $10 million in private financing since it was founded in 2006.

"With diabetes reaching epidemic levels around the world, there is a critical need for new technologies for early detection and monitoring of the condition," said Craig Misrach, CEO of Freedom Meditech. "These funds will allow us to advance the early launch of ClearPath and also further expand the intellectual property position of our I-SugarX diabetes glucose meter."

The ClearPath DS-120 Lens Fluorescence Biomicroscope is a tool for the measurement of autofluorescence by scanning the crystalline lens of the eye with a blue light. In independent scientific studies published in peer-reviewed journals, elevated autofluorescence measurements have been linked to high levels of advanced glycosylated end products which accumulate as a result of the aging process and the presence of systemic disease. The ClearPath DS-120 was cleared by FDA in early 2013 and launched in June of 2013.

In addition to the financing, Freedom Meditech has announced the appointment of Andy Sassine to its Board of Directors. Mr. Sassine most recently worked as a portfolio manager for Fidelity Investments from 1999 to 2012. Prior to joining Fidelity, Mr. Sassine was a vice president in the Acquisition Finance Group at Fleet National Bank. Prior to joining Fleet, he managed a portfolio of highly leveraged middle market companies at Continental Bank and Heller Financial in Chicago. Mr. Sassine has been a member of the Henry B. Tippie College of Business, University of Iowa, Board of Advisors from 2009 to 2013 and the Clarke Schools for Hearing and Speech, Board of Trustees since 2009.  He currently is a member of the Board of Directors of CNS Response, Inc., a clinical decision support company providing reference data and analytical tools for clinicians and researchers in psychiatry, and serves on the Audit and Governance and Nominations Committees. 

About Freedom Meditech

Freedom Meditech, Inc. is a medical device company focused on the commercialization of novel ophthalmic technologies for the detection of disease and management of patient health. The company has received FDA clearance for its first product, ClearPath DS-120™, a non-invasive tool for the measurement of autofluorescence in the eye.  I-SugarX is the company's second product currently in development as a non-invasive ophthalmic glucose monitor that measures glucose levels in the eye for people with diabetes. The company maintains corporate and engineering operations in San Diego, CA with supporting research and development activities throughout the state of Ohio. For more information, visit www.freedom-meditech.com or find us on Twitter, Facebook and LinkedIn.

SOURCE Freedom Meditech