Optiscan adds $5M tranche for glucose monitor
Optiscan Biomedical, developer of a less-invasive human glucose monitor for hospitals, received an additional $5 million in a second round of funding that now totals $53 million. The boost came from Wexford Capital, reports VentureWire.
The Hayward, Calif.-based company plans to use its new resources to see its product through clinical trials next year. While it has already been tested on humans, it has yet to receive the stamp of approval from the Food and Drug Administration. Technically, its monitor is an endomicroscope that examines human tissues for changes indicative of various conditions. It could have applications in the detection and treatment of diabetes and ulcerative colitis.
Previously, the firm raised $48 million from Ascension Health Ventures, EGS Healthcare Capital Partners, Life Science Opportunities Fund, Mitsui & Co., Morgenthaler Ventures, NGN Capital, Hercules Technology Growth Capital and Prism Ventureworks.
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