Series B Round Yields $7 Million for Freedom Meditech

Freedom Meditech (San Diego, CA) landed $7 million in a Series B round. Funds will be used to support commercialization of the company's ClearPath DS-120 Lens Fluorescence Biomicroscope. The device was cleared by FDA regulators earlier this year. Funds will also be used for further development and testing of a personal glucose meter, dubbed I-SugarX. The device is operated by holding it over the eye.

The company's Series B comprised a varied mix of old and new investors. Since its founding seven years ago, the company has pulled in $10 million in financing.

Freedom Meditech's ClearPath DS-120 Lens Fluorescence Biomicroscope is designed to measure fluorescence by scanning the crystalline lens of a patient's eye with a specialized blue light. In a series of scientific studies, researchers have noted a strong connection between advanced glycosylated end products and higher-than-normal fluorescence measurements. Advanced glycosylated end products can accumulate in the body as part of the natural aging process; however, they are also present in elevated levels in response to disease.

"With diabetes reaching epidemic levels around the world, there is a critical need for new technologies for early detection and monitoring of the condition," stated Craig Misrach, CEO of Freedom Meditech. "These funds will allow us to advance the early launch of ClearPath and also further expand the intellectual property position of our I-SugarX diabetes glucose meter."