C8 MediSensors Closes $19 million Preferred Stock Financing
Plans to Introduce Optical Glucose Monitor in Europe in 2012
(PressMethod) - C8 MediSensors, Inc. (www.c8medisensors.com), the leading company developing noninvasive continuous glucose monitoring for people with diabetes, announced today that it has raised an incremental $19 million through the sale of Preferred C-1 stock.
This additional round of funding helps C8 MediSensors prepare for its upcoming product launch in Europe. C8 MediSensors' leading investors participated in this funding round.
Nearly 300 million people worldwide suffer from diabetes. C8 MediSensors has pioneered the use of light, specifically Raman spectroscopy, to measure glucose non-invasively with a continuous glucose monitor that is worn around the abdomen and sends readings to the user's smartphone.
C8 MediSensors' CEO, Paul Zygielbaum, himself a person with diabetes, commented: "Better diabetes management requires better glucose visibility to the patient. You can't control what you can't see. After years of research, development and clinical testing, we are thrilled to be on the verge of introducing our optical glucose monitor, which is designed to provide people like me with continuous visibility into their glucose levels throughout the day."
C8 MediSensors has filed for CE Mark approval and plans to introduce their optical continuous glucose monitor in Europe in 2H 2012, pending regulatory approval.
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