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CONTACT:
Marc R. Schneebaum
President & CEO
Sensors for Medicine
and Science, Inc.
(301) 515-7260
FOR IMMEDIATE RELEASE
Germantown, MD, April 18, 2002 -
Sensors for Medicine and Science, Inc.®, announced
today that it has completed the initial closing of a
private financing, in the form of a Series C, Convertible
Preferred Stock issuance. Aggregate proceeds from the
financing will exceed $30 million. The first tranche,
approximately $15 million, was closed earlier this month.
The closing of the final tranche is scheduled for mid-2003.
Proceeds from the financing are expected to enable the
Company to 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.
"Our implanted, continuous glucose
monitor may have a profound positive impact on the management
of diabetes. Long-term, automatic monitoring could provide
significant benefits to patients," commented Marc
R. Schneebaum, President and Chief Executive Officer.
"This financing should enable us to complete clinical
development of our product without requiring additional
outside funding. We're pleased to have this kind of
support for our mission from such a high quality group
of investors."
"Sensors for Medicine and Science,
Inc.® has the key attributes we look for in a life
sciences portfolio company: breakthrough technology,
robust intellectual property and an experienced management
team, focused on a product that addresses a major medical
problem," commented Chuck Newhall, founding partner
of New Enterprise Associates and a director of the Company.
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
$3 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. The oxygen sensor has enabled a new product,
the BodyGem™, developed and recently commercialized
by HealtheTech, Inc., a product development partner
of the Company. The BodyGem™ is designed to non-invasively
measure a person's resting metabolic rate, typically
in connection with weight and diet management programs.
Sensors for Medicine and Science, Inc.®, which was
founded in January 1997, has exclusive rights to more
than twenty issued and pending patents on its core technology.
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