Grove Instruments Inc. Closes $6 M Series B Financing
WORCESTER, Mass., Dec. 19, 2011 /PRNewswire/ -- Grove Instruments Inc., a medical device company based in Worcester, MA developing the world's first noninvasive glucometer, today announced that The Company's $6 M Series B Preferred Stock offering closed and was oversubscribed. "The attractiveness of this financing has been catalyzed by our technical progress and recent additions of key individuals to our Board of Directors and Scientific Advisory Board," explained Arthur Combs, Grove's CEO.
During the fourth quarter, Grove added 2 recognized leaders in diabetes care and research with William Tamborlane, MD of Yale and David Harlan, MD of the University of Massachusetts and formerly of NIH NIDDK both joining the Scientific Advisory Board. Most recently, Craig Mello, Ph D, Nobel Laureate and molecular biologist joined Grove's Board of Directors to assist the company's advancement. Dr. Mello has a child with Type 1 diabetes. "We continue to assemble a world-class Board and an unparalleled complement of Scientific Advisors. Investors invest in people before technology," says Combs, "and our corporate governance and leadership is second to none."
Grove's technology is also a tremendous draw for the investment community. "Diabetes is now nearly ubiquitous in day to day life," noted Combs, "nearly everyone knows someone with the disease and has seen the pain, cost and long term detriment of invasive glucose monitoring. Our value proposition – painless, bloodless and no cost per use glucose monitoring – speaks for itself." Combs went on to say "Grove is on track to produce the world's first noninvasive glucose meter that exceeds the ISO standards for all of the current [invasive, blood-based] meters, and that is very exciting."
The private placement round was completed by new investors from the greater Boston area and current shareholders. "In the end, we were actually oversubscribed f