Plans FDA Submission of Non-invasive Diabetes Screening Device By Year End
ALBUQUERQUE, N.M., June 3 /PRNewswire/ -- VeraLight, Inc., a privately held medical device company, announced the completion of a Series C financing that will provide up to $20 million to complete the company's pivotal clinical trial, and gain worldwide commercialization and adoption of the VeraLight SCOUT DS(TM) non-invasive diabetes screening system. The current round of funding was led by the Psilos Group and CMEA Ventures, with participation by vSpring Capital, EPIC Ventures, The Dow Chemical Company, and the Southern Ute Growth Fund.
The company also announced it plans to submit a Premarket Approval application to the U.S. Food and Drug Administration by the end of this year to evaluate the safety and effectiveness of the SCOUT DS for marketing clearance.
"The financing will enable us to advance our commercialization plan and grow our global business," said David Van Avermaete, CEO of VeraLight. "Our ability to attract and maintain quality investors such as Psilos Group and CMEA Ventures is a strong endorsement of our progress to date and our strategy for building value around early diabetes detection and treatment."
Lisa Suennen, managing member of Psilos Group said, "As chairwoman and lead investor, I am excited about the prospect for VeraLight and its non- invasive spectroscopic technology to more accurately and conveniently screen people for type 2 diabetes and pre-diabetes. At Psilos we strive to support innovative science-based technologies that have a serious opportunity to combat chronic health issues such as diabetes in a high quality manner, while reducing overall costs to the healthcare system. The VeraLight SCOUT technology is well-positioned to do just that."
David Collier, MD, Managing Director of CMEA Ventures, said, "As a
repeat investor, we're very excited about the clinical progress and data
shown so far by VeraLight. We believe th
|SOURCE VeraLight, Inc.|
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