C8 MediSensors Closes $24 million Preferred Stock Financing Furthering Momentum for 2012 Product IntroductionBy C8 Medisensors Inc., PRNE
Wednesday, November 30, 2011
SAN JOSE, California, December 1, 2011 -
Significant Investment From GE healthymagination Fund
C8 MediSensors, Inc. (www.c8medisensors.com), the leading company for noninvasive continuous glucose monitoring for diabetics, announced today that it has raised a total of [$24] million through the sale of Preferred C stock. Recognising the revolutionary potential of C8 MediSensor’s noninvasive technology to improve the lives of diabetics, existing investors as well as new investors including GE’s healthymagination Fund made a significant investment that will accelerate C8 MediSensors’ planned product introduction in 2012.
“Glucose monitoring is the most common method of monitoring diabetic care in the world. GE Healthcare has a solid monitoring business, one in which we focus on new and innovative ways to monitor patients in the most non-invasive way. C8 is a good strategic fit with GE Healthcare, given our common focus on clinical issues for the patient,” said Thierry Leclercq, General Manager of GE Healthcare’s Life Care Solutions business. ”GE Healthcare’s growing monitoring business must invest in areas that are most important to patients. A non-invasive way to monitor glucose can change the paradigm of diabetes care and improve the life of diabetics everywhere. We look forward to exploring ways to collaborate with the C8 team.”
C8 MediSensors has successfully harnessed the potential of Raman spectroscopy to commercialise a non-invasive glucose monitor that improves the lives of diabetics by giving them a continuous view of their glucose levels without the pain, inconvenience and high cost of invasive glucose monitoring.
“We are diabetics helping diabetics. C8 MediSensors was co-founded by Jan Lipson, a PhD in physics who wanted to help his son, a Type 1 diabetic, by sparing him the pain of constant finger sticks. Another co-founder, Paul Zygielbaum, is a Type 2 diabetic,” said Fred Toney, CFO of C8 MediSensors. ”Furthermore, we are pleased to welcome GE, through its healthymagination Fund, as new investors in C8 MediSensors. GE’s knowledge and breadth of reach throughout the healthcare vertical is a significant advantage to C8 MediSensors as we execute our business plan.”
C8 MediSensors will introduce the new noninvasive continuous glucose monitor in the European Community in 2012, pending CE Mark regulatory approval.
C8 MediSensors is the leader in noninvasive continuous glucose monitoring. Headquartered in San Jose CA, C8 MediSensors’ breakthrough patent-protected technology gives people with diabetes a continuous view of their glucose levels, without the pain, inconvenience and high cost of invasive continuous glucose monitoring. Visit www.c8medisensors.com.
About the GE healthymagination Fund
The GE healthymagination Fund draws on capabilities from across GE Healthcare, GE Capital and GE Global Research, and has a global footprint.
About GE Healthcare
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems.
Our “healthymagination” vision for the future invites the world to join us on our journey as we continuously develop innovations focused on reducing costs, increasing access and improving quality around the world. Headquartered in the United Kingdom, GE Healthcare is a unit of General Electric Company (NYSE: GE). Worldwide, GE Healthcare employees are committed to serving healthcare professionals and their patients in more than 100 countries. For more information about GE Healthcare, visit www.gehealthcare.com.
For our latest news, please visit newsroom.gehealthcare.com
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
This document contains forward-looking statements. Any statements in this document that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements relating to C8’s anticipated product sales and financing needs. These forward-looking statements are based upon C8’s currentexpectations.Actual results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation, risks associated with market conditions, customer demand for the product, and risks and uncertainties associated with C8‘s business and finances in general. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. C8 does not undertake any obligation to update any forward-looking statements as a result of new information, future events, changed assumptions or otherwise.
Media Contacts: C8 MediSensors, Inc, Paul Zygielbaum, COO, Tel: +1-408-622-2070 . Aurora, Gill Dunn, Account Manager, +44-20-7148-4175.
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