WORCESTER, Mass., Dec. 11, 2012 /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 first tranche of Series B-1 Preferred Stock was oversubscribed and has closed. The first tranche was set at $3 M in new funds. "This closing enables the company to covert long-term debt notes into equity and greatly strengthens our balance sheet," explained Arthur Combs, Grove's CEO. "Investor interest remains very strong as Grove closes in on the 2012 strategic goals we presented to our shareholders at our June Annual Meeting," continued Combs.
In 2012 Grove commissioned a strategic market research study performed by Health Advances (Weston, MA, San Francisco, CA and Zurich). The results of that study strongly suggest a resurgence of interest in noninvasive glucose measurement technology, affirm the continued unmet need and market pull among customers, and point to a clear market entry point for Grove's value proposition. "The study both validated and edified our internal strategic planning for 2012. The results essentially endorsed our 2012 strategic plan, goals and objectives, and critical milestones," said Combs. "The essential congruence of what we are doing at Grove with what the market clearly states are its own needs renews and redoubles our commitment to deliver our noninvasive technology to a demanding market," stated Combs enthusiastically.
"The clear alignment between industry and market requirements with Grove's own strategy has been a very strong fundraising tool," said Combs. "The results of the Health Advances study validate the investment thesis for many of our current shareholders and several new investors which allowed us to close the first $ 3 M tranche in such a short time," he continued.
After closing the first tranche, Grove intends to complete the Series B-1 round with an a
|SOURCE Grove Instruments Inc.|
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