Seventh Sense Biosystems, a Cambridge, MA-based medical device company developing a painless blood sampling system, has closed the final tranche of a $10m Series A financing.
Backers include existing investors Flagship Ventures and Polaris Venture Partners.
The company intends to use the funding to complete clinical testing and to commercialize its first TAP-based blood collection device for point of care diagnostics.
Founded in 2008 and led by newly appointed President and Chief Executive Officer Howard Weisman, Seventh Sense is developing an array of products based on its proprietary Touch Activated Phlebotomy (TAP) painless blood collection platform.
The company plans to initiate the pivotal trial of its point of care blood sampling device in early 2013 and – based on these results – to seek U.S. regulatory clearance in mid-2013. With a grant from the Bill & Melinda Gates Foundation supporting diagnostics in low resources settings, Seventh Sense is concurrently developing a high-volume TAP blood collection system for a broad range of tests and panels.