VeraLight Secures $20 Million Series C Financing
The company also announced it plans to submit a Premarket Approvalapplication to the U.S. Food and Drug Administration by the end of this yearto evaluate the safety and effectiveness of the SCOUT DS for marketingclearance.
"The financing will enable us to advance our commercialization plan andgrow our global business," said David Van Avermaete, CEO of VeraLight. "Ourability to attract and maintain quality investors such as Psilos Group andCMEA Ventures is a strong endorsement of our progress to date and our strategyfor building value around early diabetes detection and treatment."
Lisa Suennen, managing member of Psilos Group said, "As chairwoman andlead investor, I am excited about the prospect for VeraLight and its non-invasive spectroscopic technology to more accurately and conveniently screenpeople for type 2 diabetes and pre-diabetes. At Psilos we strive to supportinnovative science-based technologies that have a serious opportunity tocombat chronic health issues such as diabetes in a high quality manner, whilereducing overall costs to the healthcare system. The VeraLight SCOUTtechnology is well-positioned to do just that."
David Collier, MD, Managing Director of CMEA Ventures, said, "As a repeatinvestor, we're very excited about the clinical progress and data shown so farby VeraLight. We believe the SCOUT technology will have a major impact on howwe ultimately identify and treat diabetes and its complications."
VeraLight, Inc., established in 2004 as an independent spinout of InLightSolutions, is applying its proprietary Spectroscopic Advanced GlycationEndproduct (SAGE) detection technology to develop the SCOUT DS system --intended to be the first non-invasive diabetes screening system that provideshealthcare professionals with an accurate and convenient method for detectingtype 2 diabetes and pre-diabetes based on the presence of advanced glycationendproduct biomarkers found in skin. Weighing about 10 pounds, the SCOUT DS isdesigned to be a simple-to-use device that requires no blood draw, no fastingand no waiting for a lab result. For more information seehttp://www.veralight.com.
About VeraLight's Investors
Psilos Group has been a successful healthcare venture capital and privateequity firm since its founding in 1998. With more than $550 million undermanagement, Psilos focuses its investments across the healthcare services,healthcare information technology, and medical technology sectors. Psilosinvests nationwide in businesses that are poised to create enduring marketvalue by fundamentally improving the U.S. healthcare system. Its portfoliocompanies have a demonstrated ability to reduce the costs of healthcaredelivery, improve clinical quality and advance the alignment of payer, patientand provider incentives. Psilos has offices in New York, the San Francisco BayArea and Santa Fe, New Mexico.
CMEA Ventures is a venture capital firm focused on life sciences, hightechnology, and energy and materials investments. CMEA invests in both early-and late-stage ventures, and has a strong network of corporate, investment,and entrepreneurial relationships that it leverages on behalf of its portfoliocompanies. The firm currently manages six funds representing investments inexcess of $1 billion. CMEA Ventures was founded in 1989 and maintains officesin San Francisco an
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