Apr 4 2007
MicroCHIPS, Inc., a developer of innovative drug delivery and biosensing devices, has announced a $13.4 million dollar round of investment funding led by Novartis Venture Fund. Reinhard Ambros, Global Head of Novartis Venture Fund, has joined the company's board of directors. CSK Venture Capital of Japan also joined existing MicroCHIPS investors Polaris Venture Partners, IDG Ventures, Medtronic, Boston Scientific, Intersouth Partners and Boston University Community Technology Fund in this round of financing.
MicroCHIPS is pioneering the next generation of implantable biosensing and drug delivery devices that will improve therapeutic control, reduce painful interventions and help maintain and improve health for the millions of diabetes and osteoporosis sufferers worldwide.
According to Reinhard Ambros, Global Head of Novartis Venture Fund, "Novartis sees tremendous opportunity in the development of innovative devices that can be used to sense a patient's condition and precisely deliver highly potent molecules to critically ill patients. MicroCHIPS' drug delivery and biosensing devices have the potential to revolutionize monitoring and therapy for millions of patients suffering from metabolic and cardiovascular diseases."
Makoto Kaneshiro, Managing Director of CSK Venture Capital, added, "MicroCHIPS is targeting solutions to address the global epidemics of diabetes, osteoporosis and cardiovascular diseases. MicroCHIPS' unique technologies will provide significant advantages for these worldwide health problems."
"This latest round of financing underscores the great market potential for MicroCHIPS' biosensing and drug delivery technology," stated John Santini, MicroCHIPS' CEO. "Novartis' leadership in pharmaceutical development complements the medical device investment of Medtronic and Boston Scientific as MicroCHIPS develops solutions to help patients with debilitating diseases. CSK Venture Capital's experience as a pioneer of life science investments in Japan completes a global team of top investors."
http://www.mchips.com