Metrika Inc. Secures $26 Million Mezzanine Financing

    SUNNYVALE, Calif., April 2 /PRNewswire/ -- Metrika Inc., a leading
 developer of point-of-care monitoring devices, today announced the successful
 completion of a $26 million, fully subscribed, mezzanine round of financing.
 Oak Hill Capital Partners, L.P., led this round, with additional funding from
 Sutter Hill Ventures.
     The funding will be used to scale up production and to market and sell
 Metrika's A1cNOW(TM) (previously known as DRx(R) HbA1c), the first single-use,
 pager-sized quantitative testing device for hemoglobin A1c, a measure of
 long-term glucose control for people with diabetes.  In addition, the proceeds
 will finance the development and future commercialization of Metrika's
 single-use quantitative tests to measure microalbumin and cholesterol.
     "The additional capital reflects the confidence that our new investors
 have in the opportunity for rapid and accurate point-of-care diagnostics in
 the large diabetes market," said Michael Allen, Metrika's CEO, chairman and
 founder.  "This fully subscribed round of financing will fund us through the
 commercial phase of our A1cNOW test for the rapid measurement of hemoglobin
 A1c in diabetes patients."
     "We are excited to be a partner in helping Metrika develop and
 commercialize A1cNOW," said Scott J. Hancock, partner of Oak Hill Capital
 Partners, L.P.  "We believe the simple, single-use test can change the way
 diabetes is managed by replacing the need for complex reference labs or
 instrument based-systems, allowing A1c to become a seamless part of diabetes
 management."
     Steven B. Gruber, managing partner of Oak Hill Capital Partners, L.P.,
 added, "Metrika's founding team has developed a unique technology that has
 important applications in the field of diabetes, as well as a wide range of
 other diagnostic tests.  Metrika is well positioned to fuel a new market of
 diagnostic devices that will be small, inexpensive, highly accurate and simple
 enough for consumer home use.  We are pleased to have the opportunity to
 provide funding to Metrika."
     "We are extremely gratified to be working with an innovator like Metrika,"
 said G. Leonard Baker, Jr., managing director of Sutter Hill Ventures.  "With
 advanced technology and an experienced management team, we believe the company
 is poised for tremendous growth and profitability in the medical diagnostics
 market."
 
     HbA1c
     HbA1c, or simply A1c, is formed when hemoglobin in red blood cells binds
 glucose over the cells' typical 90-day life span.  The quantitative
 measurement of A1c has been well established as a way to determine a patient's
 historical glycemic control profile.  Unlike daily glucose monitoring, A1c is
 the best determinant of the body's long-term glucose metabolism.  A1c is
 endorsed by the American Diabetes Association (ADA) for routine monitoring of
 patients.
 
     A1cNOW Patient Monitor
     Providing accurate, real-time results outside of the laboratory, the
 A1cNOW, a pager-sized device, is suitable for point-of-care use in the
 physician office or diabetes clinic, as well as for home testing by
 prescription.  The new device eliminates the need for expensive laboratory
 instruments or lengthy training procedures, removing cost and complexity as
 barriers to decentralized A1c testing and monitoring.  By having an A1c result
 available at the time of the patient's office visit, physicians will be able
 to better counsel patients on medication and lifestyle changes and to provide
 immediate feed back on the status of their diabetic condition.
     The A1cNOW is designed to perform the A1c test using a single drop of
 blood in only eight minutes.  One simply pricks a finger, draws a drop of
 blood with a supplied pipette, mixes the blood with a reagent, and applies the
 sample to the monitor.  The A1c percentage is shown on the monitor's digital
 display.
 
     About Metrika
     Founded in 1994, Metrika is a privately held developer and manufacturer of
 single-use, quantitative medical devices aimed at improving the long-term care
 and quality of life for people with diabetes.  Through its proprietary
 technology, the Sunnyvale, Calif.-based company integrates miniaturized
 digital electronics, micro-optics and dry reagent chemistries into an
 easy-to-use, pager-sized, low-cost monitoring device.  In addition to
 manufacturing A1cNOW, Metrika provides its proprietary patient-monitoring
 technology and manufacturing to strategic partners.
 
     About Oak Hill Capital Partners
     Oak Hill Capital Partners, L.P., is a private equity partnership founded
 by Robert M. Bass and his team of investment professionals.  Oak Hill Capital
 makes significant investments through acquisitions, build-ups,
 recapitalizations, restructurings, strategic joint ventures and the purchase
 of minority stakes across a wide range of industries.  Investments include:
 the formation of MeriStar Investment Partners, L.P.; a significant stake in
 American Skiing Company; a strategic investment in Cincinnati Bell Inc., now
 Broadwing Inc.; the acquisition of Caribbean Restaurants Inc., Progressive
 Moulded Products, Ltd., and TravelCenters of America; and investments in
 several early stage growth companies including Align Technology Inc.,
 Wide Open West Holdings, Financial Engines, IP Wireless and eGain
 Communications.
 
     About Sutter Hill Ventures
     Sutter Hill Ventures is a venture capital firm that finances
 technology-based start-up and early-stage companies pioneering products or
 services in growth markets, especially those in information technology or
 health care.  Founded in 1962, it is one of Silicon Valley's original venture
 capital firms.  Since January 1999, twelve portfolio companies completed their
 IPOs, including Alteon Websystems, Copper Mountain Networks, Engage,
 HearMe.com, NVidia, Quicklogic, Vitria Technology, Aspect Med Systems,
 e-Loyalty, Therma-Wave, Praecis Pharmaceuticals and Virage.  During that same
 time, 13 others merged or were acquired.
 
 

SOURCE  Metrika Inc.

    SUNNYVALE, Calif., April 2 /PRNewswire/ -- Metrika Inc., a leading
 developer of point-of-care monitoring devices, today announced the successful
 completion of a $26 million, fully subscribed, mezzanine round of financing.
 Oak Hill Capital Partners, L.P., led this round, with additional funding from
 Sutter Hill Ventures.
     The funding will be used to scale up production and to market and sell
 Metrika's A1cNOW(TM) (previously known as DRx(R) HbA1c), the first single-use,
 pager-sized quantitative testing device for hemoglobin A1c, a measure of
 long-term glucose control for people with diabetes.  In addition, the proceeds
 will finance the development and future commercialization of Metrika's
 single-use quantitative tests to measure microalbumin and cholesterol.
     "The additional capital reflects the confidence that our new investors
 have in the opportunity for rapid and accurate point-of-care diagnostics in
 the large diabetes market," said Michael Allen, Metrika's CEO, chairman and
 founder.  "This fully subscribed round of financing will fund us through the
 commercial phase of our A1cNOW test for the rapid measurement of hemoglobin
 A1c in diabetes patients."
     "We are excited to be a partner in helping Metrika develop and
 commercialize A1cNOW," said Scott J. Hancock, partner of Oak Hill Capital
 Partners, L.P.  "We believe the simple, single-use test can change the way
 diabetes is managed by replacing the need for complex reference labs or
 instrument based-systems, allowing A1c to become a seamless part of diabetes
 management."
     Steven B. Gruber, managing partner of Oak Hill Capital Partners, L.P.,
 added, "Metrika's founding team has developed a unique technology that has
 important applications in the field of diabetes, as well as a wide range of
 other diagnostic tests.  Metrika is well positioned to fuel a new market of
 diagnostic devices that will be small, inexpensive, highly accurate and simple
 enough for consumer home use.  We are pleased to have the opportunity to
 provide funding to Metrika."
     "We are extremely gratified to be working with an innovator like Metrika,"
 said G. Leonard Baker, Jr., managing director of Sutter Hill Ventures.  "With
 advanced technology and an experienced management team, we believe the company
 is poised for tremendous growth and profitability in the medical diagnostics
 market."
 
     HbA1c
     HbA1c, or simply A1c, is formed when hemoglobin in red blood cells binds
 glucose over the cells' typical 90-day life span.  The quantitative
 measurement of A1c has been well established as a way to determine a patient's
 historical glycemic control profile.  Unlike daily glucose monitoring, A1c is
 the best determinant of the body's long-term glucose metabolism.  A1c is
 endorsed by the American Diabetes Association (ADA) for routine monitoring of
 patients.
 
     A1cNOW Patient Monitor
     Providing accurate, real-time results outside of the laboratory, the
 A1cNOW, a pager-sized device, is suitable for point-of-care use in the
 physician office or diabetes clinic, as well as for home testing by
 prescription.  The new device eliminates the need for expensive laboratory
 instruments or lengthy training procedures, removing cost and complexity as
 barriers to decentralized A1c testing and monitoring.  By having an A1c result
 available at the time of the patient's office visit, physicians will be able
 to better counsel patients on medication and lifestyle changes and to provide
 immediate feed back on the status of their diabetic condition.
     The A1cNOW is designed to perform the A1c test using a single drop of
 blood in only eight minutes.  One simply pricks a finger, draws a drop of
 blood with a supplied pipette, mixes the blood with a reagent, and applies the
 sample to the monitor.  The A1c percentage is shown on the monitor's digital
 display.
 
     About Metrika
     Founded in 1994, Metrika is a privately held developer and manufacturer of
 single-use, quantitative medical devices aimed at improving the long-term care
 and quality of life for people with diabetes.  Through its proprietary
 technology, the Sunnyvale, Calif.-based company integrates miniaturized
 digital electronics, micro-optics and dry reagent chemistries into an
 easy-to-use, pager-sized, low-cost monitoring device.  In addition to
 manufacturing A1cNOW, Metrika provides its proprietary patient-monitoring
 technology and manufacturing to strategic partners.
 
     About Oak Hill Capital Partners
     Oak Hill Capital Partners, L.P., is a private equity partnership founded
 by Robert M. Bass and his team of investment professionals.  Oak Hill Capital
 makes significant investments through acquisitions, build-ups,
 recapitalizations, restructurings, strategic joint ventures and the purchase
 of minority stakes across a wide range of industries.  Investments include:
 the formation of MeriStar Investment Partners, L.P.; a significant stake in
 American Skiing Company; a strategic investment in Cincinnati Bell Inc., now
 Broadwing Inc.; the acquisition of Caribbean Restaurants Inc., Progressive
 Moulded Products, Ltd., and TravelCenters of America; and investments in
 several early stage growth companies including Align Technology Inc.,
 Wide Open West Holdings, Financial Engines, IP Wireless and eGain
 Communications.
 
     About Sutter Hill Ventures
     Sutter Hill Ventures is a venture capital firm that finances
 technology-based start-up and early-stage companies pioneering products or
 services in growth markets, especially those in information technology or
 health care.  Founded in 1962, it is one of Silicon Valley's original venture
 capital firms.  Since January 1999, twelve portfolio companies completed their
 IPOs, including Alteon Websystems, Copper Mountain Networks, Engage,
 HearMe.com, NVidia, Quicklogic, Vitria Technology, Aspect Med Systems,
 e-Loyalty, Therma-Wave, Praecis Pharmaceuticals and Virage.  During that same
 time, 13 others merged or were acquired.
 
 SOURCE  Metrika Inc.