Integrity Applications said yesterday it raised $12 million in a private placement offering to support its GlucoTrack non-invasive glucose measuring device.
In the placement, accredited investors purchased units consisting of a single share of Series C perferred stock, convertible into common shares at $4.50 per share, along with 2 warrants to purchase shares of common stock at $4.50 and $7.75 per share, respectively, the company said.
“This ongoing source of capital has provided us with resources to continue our progress towards a truly non-invasive solution to glucose measurement and, in addition supports the initial commercialization of GlucoTrack in Europe, as well as advances our clinical and regulatory efforts in the U.S. and China. We appreciate the continued support of Andrew Garrett, our existing shareholders and welcome our new investors to the company,” chair & CEO John Graham said in a press release.
In June, Integrity Applications released data from a study of its GlucoTrack non-invasive glucose measuring device for type 2 diabetes patients, touting high clinical accuracy amongst all participants.
The study evaluated the accuracy of the GlucoTrack device in 172 adults with type 2 daibetes who were prescribed 1 or more medications for major medical conditions associated with diabetes, the Wilmington, Del.-based company said.