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Sensors for Medicine and Science Gets $15M Series C April 19, 2002 GERMANTOWN, Md. -- Sensors for Medicine and Science, which develops sensor technology for the detection and measurement of molecules, announced that it has received $15 million in an ongoing Series C funding round that will close next year with a total of $30 million. The round was co-led by Menlo Park, Calif.-based New Enterprise Associates and Princeton, N.J.-based HealthCare Ventures, both existing shareholders. Other participants in the round were Rho Capital Partners, Anthem Capital, and Abingworth Management, all prior investors. Several individuals also participated as new investors, the company said. The company expects to secure at least $15 million in a second close for the round by mid-2003, said president and CEO Marc R. Schneebaum. This was an up round, though a specific valuation was not disclosed. Proceeds will be devoted to the completion of clinical development of the company's flagship implanted glucose monitor for diabetics. There were no changes to the board as a result of the funding. Outside directors on the six-seat board include founder and chairman M. James Barrett, as well as Chuck Newhall, both of whom are general partners with New Enterprise Associates. © 2003 Dow Jones & Company, Inc. All rights reserved |