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CONTACT:
Marc R. Schneebaum
President & CEO
Sensors for Medicine
and Science, Inc.
(301) 515-7260
FOR IMMEDIATE RELEASE
Germantown, MD, November 2, 2005
- Sensors for Medicine and Science, Inc.®, 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.®,
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.®,
which was founded in January 1997, has exclusive rights
to more than thirty issued and pending U.S. patents
on its core technology.
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