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Grove Instruments Inc. Oversubscribes First Tranche of $3M in New Series B-1 Financing
Date:12/11/2012

dditional $2 M raise early next year. "Market validation of company strategy is a powerful incentive for investors and employees alike," Combs said, "and the need for a self-monitoring solution that diabetic patients will embrace has never been greater."

More than 25 million Americans have diabetes, a number that is increasing by one million per year.  In Massachusetts, more than 400,000 adults have been diagnosed with diabetes, and these numbers are increasing at epidemic rates (61% in the last 12 years).  The cost of diabetes in the Commonwealth is $4.3 billion annually.

About Grove Instruments

Grove Instruments, Inc. is a privately held pre-market medical device company developing the world's first noninvasive glucometer that has exceeded the ISO 15197 standard for blood glucose meters.  Grove's patented technology is based on the seminal concept of the Optical Bridge and is unique among all NIR spectroscopic approaches to noninvasive blood glucose determination.  The Company has been recognized for its innovation, technology development and clinical results on 10 separate occasions by the NIH NIDDK with funded SBIR Grants. In 2011, Grove was also recognized by the Massachusetts Life Sciences Center with an Accelerator Award – one of only 4 recipients out of all Boston-area life sciences companies applying in that round.  In 2012, Grove received its 9th issued US patent and filed 4 new applications.  For more information see www.groveinstruments.com or contact Arthur Combs (314 341 3444 mobile).

Forward looking statement

Certain statements contained in this plan containing words like "believe", "intend", "may", "expect", "project" and other similar expressions are forward looking statements involving a number of risks and uncertainties. Factors that can cause actual results to differ materially from those projected in the company's forw
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SOURCE Grove Instruments Inc.
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