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New Enterprise, Anthem Capital invest in biotech firm April 24, 2002 Baltimore Business Journal BALTIMORE, MD - Two Baltimore venture capital firms invested in a Maryland biotech company that is developing a monitoring device for diabetes patients. New Enterprise Associates and Anthem Capital LP both invested in Germantown-based Sensors for Medicine and Science Inc. The company raised $15 million through a sale of Series C, Convertible Preferred Stock, which can be converted to common stock. New Enterprise Associates co-led the round. HealthCare Ventures of Princeton, N.J. New York-based Rho Capital Partners and Abingworth Management Limited, a VC firm with offices in Palo Alto, Calif. and London, also participated in the round. Sensors for Medicine and Science is developing a sensor product that is implanted in diabetes patients to monitor glucose levels. The company plans to close another round of financing by the middle of next year. It hopes to raise another $15 million through that effort. The money will fund clinical development of the glucose monitor, the company said. © 2002 American City Business Journals Inc. |