Healthcare Industry News: Third Rock Ventures
News Release - May 11, 2011
Seventh Sense Biosystems Secures $4.5 Million of Two-Tranche $10 Million Extension of its Series A FinancingFunds to be Used to Advance the Company’s Transformative Touch Activated Phlebotomy™ Technology Platform
CAMBRIDGE, Mass.--(Healthcare Sales & Marketing Network)-- Seventh Sense Biosystems, Inc., a company redefining blood sampling and health diagnostics with its proprietary Touch Activated Phlebotomy™ (TAP) technology platform, announced today that it has secured $4.5 million of a two-tranche $10 million extension of its Series A financing. The funds raised from existing investors, Flagship Ventures, Polaris Venture Partners and Third Rock Ventures, will be used to advance development of the TAP platform, which enables one-step blood collection in a safe, painless and convenient manner.
“We believe the company’s proprietary technology is truly disruptive and represents a transformative platform for the health diagnostics industry,” said Alan Crane, General Partner, Polaris Venture Partners. “As such, we are very pleased to continue to support the company’s advancement of the first and only system being developed to address current deficiencies in the blood collection process, making blood collection safer, more efficient and pain free. As progress continues, Seventh Sense will continue to advance its platform capabilities and seek ways to maximize the global reach of its future products.”
About Touch Activated Phlebotomy™
Seventh Sense Biosystems’ proprietary Touch Activated Phlebotomy (TAP) technology platform enables one-step blood collection in a safe, painless and convenient manner. The TAP system penetrates the uppermost layers of skin and uses a proprietary microfluidic extraction process to transfer blood to a collection reservoir for analysis. TAP’s unique and intuitive design can be integrated into a broad range of products across a wide spectrum of diagnostic applications.
About Seventh Sense Biosystems, Inc.
Seventh Sense Biosystems is redefining diagnostics and health monitoring by dramatically improving how blood is sampled and tested. The company’s proprietary Touch Activated Phlebotomy™ (TAP) technology platform is being developed to eliminate the discomfort, inconvenience and expert intervention associated with traditional blood sample collection. Drawn through a painless, one-step process by anyone, anywhere, anytime, blood samples collected with TAP can be utilized across a broad spectrum of diagnostic applications. TAP’s universal, scalable design holds the potential to not only expand the reach and effectiveness of blood collection to hard-to-sample populations, but also to improve the safety and ease of collection for all patients. Founded in 2008, Seventh Sense Biosystems is backed by top-tier investors including Flagship Ventures, Polaris Venture Partners and Third Rock Ventures. For more information, please visit www.7sbio.com.
Source: Seventh Sense Biosystems
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