MicroCHIPS, Inc., a Bedford, MA-based developer of intelligent implant systems, has raised $16.5m in equity financing.
New backer InterWest Partners joined existing investors Polaris Venture Partners, Novartis Venture Fund, Flybridge Capital Partners, Medtronic, Saints Capital, Intersouth Partners, Care Capital and CSK Venture Capital.
The company will use the funds to finance its lead programs in diabetes and osteoporosis.
During 2010, MicroCHIPS will conduct initial clinical testing to advance its diabetes program. Its intelligent in-body system is an implant designed to sense real-time changes in glucose levels and deliver data to a mobile device. In this way, diabetes can be effectively managed to reduce the acute dangers of low blood sugar and the negative effects of hyperglycemia.
The osteoporosis device, also in advanced development, is designed to automatically deliver precise doses of an anabolic bone building agent without requiring patients to remember to do injections, use patches, or take pills on a daily basis.
Commenting on the financing, John Santini, president and CEO of MicroCHIPS, was reported as saying: “Support from our investors enables us to bring our vision to life.
“Our monitoring and therapy solutions will give patients the tools they need to self-manage their conditions and therapies, improve their lifestyles, and achieve better health”, he added.