Date: Oct 15, 2013 Source: Fierce Biotech (
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WORCESTER, MA -- Grove Instruments Inc., a medical device company based in Worcester, MA, developing the world's first noninvasive glucometer today announced that the Company's $3.3 M Series B-2 Preferred Stock offering was fully subscribed and is now closed. "This round of funding enables the company to execute on our strategic development and clinical trials plans." explained Arthur Combs, Grove's CEO. "We continue to have very strong support from our current shareholder base while adding several new investors," continued Combs.
The 2013 strategic development and clinical plans emanated directly from extensive primary market research (Health Advances, Weston, MA, San Francisco, CA and Zurich) involving experts, diabetes industry executives and Key Opinion Leaders (KOLs). "We continue a strong cadence of execution for our plans and milestones and project our fourth quarter to be equally productive," explained Combs. The Company has IRB approved clinical studies underway at the University of Massachusetts Diabetes Center of Excellence and at the Yale University Center for Clinical Investigation.
"Shareholders who supported the 2012 plan and participated in our Series B-1 offering renewed their support as we moved into an intensive University clinical study phase," commented Combs.
Grove believes that the unmet need for a noninvasive glucometer not only persists, but is greater than ever. The diabetes "epidemic" now affects more than 26,000,000 Americans with twice that number having pre-diabetes. They too will require intervention to avoid the full blown disease, and/or comprehensive diabetes management as the disease progresses. "Our studies show that regardless of the duration of the disease, the vast majority of diabetic individuals would prefer noninvasive testing for self-monitoring of blood glucose," Combs continued, "Thus the value proposition to the diabetic individual is stronger than ever: self-testing with Grove's noninvasive glucometer promotes adoption, compliance and better management, for a better outcome, quality of life, and lower associated health care costs."
About Grove Instruments, Inc.
Grove Instruments, Inc. is a privately held pre-market medical device company developing the world's first noninvasive glucometer that has exceeded the ISO 15197 standard for blood glucose meters. Grove's patented technology is based on the seminal concept of the Optical Bridge and is unique among all NIR spectroscopic approaches to noninvasive blood glucose determination. The Company has been recognized for its innovation, technology development and clinical results on 10 separate occasions by the NIH NIDDK with funded SBIR Grants. In 2011, Grove was also recognized by the Massachusetts Life Sciences Center with an Accelerator Award -- one of only 4 recipients out of all Boston-area life sciences companies applying in that round. In 2012, Grove received its 9th issued US patent and has already filed two new patent applications this year, and expects to file two additional applications before the end of the year.