ALBUQUERQUE, N.M., June 3 /PRNewswire/ -- VeraLight, Inc., a privately held medical device company, announced the completion of a Series C financing that will provide up to $20 million to complete the company's pivotal clinical trial, and gain worldwide commercialization and adoption of the VeraLight SCOUT DS(TM) non-invasive diabetes screening system. The current round of funding was led by the Psilos Group and CMEA Ventures, with participation by vSpring Capital, EPIC Ventures, The Dow Chemical Company, and the Southern Ute Growth Fund.
The company also announced it plans to submit a Premarket Approval application to the U.S. Food and Drug Administration by the end of this year to evaluate the safety and effectiveness of the SCOUT DS for marketing clearance.
"The financing will enable us to advance our commercialization plan and grow our global business," said David Van Avermaete, CEO of VeraLight. "Our ability to attract and maintain quality investors such as Psilos Group and CMEA Ventures is a strong endorsement of our progress to date and our strategy for building value around early diabetes detection and treatment."
Lisa Suennen, managing member of Psilos Group said, "As chairwoman and lead investor, I am excited about the prospect for VeraLight and its non- invasive spectroscopic technology to more accurately and conveniently screen people for type 2 diabetes and pre-diabetes. At Psilos we strive to support innovative science-based technologies that have a serious opportunity to combat chronic health issues such as diabetes in a high quality manner, while reducing overall costs to the healthcare system. The VeraLight SCOUT technology is well-positioned to do just that."
David Collier, MD, Managing Director of CMEA Ventures, said, "As a repeat investor, we're very excited about the clinical progress and data shown so far by VeraLight. We believe the SCOUT technology will have a major impact on how we ultimately identify and treat diabetes and its complications."
VeraLight, Inc., established in 2004 as an independent spinout of InLight Solutions, is applying its proprietary Spectroscopic Advanced Glycation Endproduct (SAGE) detection technology to develop the SCOUT DS system -- intended to be the first non-invasive diabetes screening system that provides healthcare professionals with an accurate and convenient method for detecting type 2 diabetes and pre-diabetes based on the presence of advanced glycation endproduct biomarkers found in skin. Weighing about 10 pounds, the SCOUT DS is designed to be a simple-to-use device that requires no blood draw, no fasting and no waiting for a lab result. For more information see http://www.veralight.com.
About VeraLight's Investors
Psilos Group has been a successful healthcare venture capital and private equity firm since its founding in 1998. With more than $550 million under management, Psilos focuses its investments across the healthcare services, healthcare information technology, and medical technology sectors. Psilos invests nationwide in businesses that are poised to create enduring market value by fundamentally improving the U.S. healthcare system. Its portfolio companies have a demonstrated ability to reduce the costs of healthcare delivery, improve clinical quality and advance the alignment of payer, patient and provider incentives. Psilos has offices in New York, the San Francisco Bay Area and Santa Fe, New Mexico.
CMEA Ventures is a venture capital firm focused on life sciences, high technology, and energy and materials investments. CMEA invests in both early- and late-stage ventures, and has a strong network of corporate, investment, and entrepreneurial relationships that it leverages on behalf of its portfolio companies. The firm currently manages six funds representing investments in excess of $1 billion. CMEA Ventures was founded in 1989 and maintains offices in San Francisco and Menlo Park.
vSpring Capital is an early-stage venture capital firm with more than $350 million under management. Headquartered in Utah, with an office in New Mexico, vSpring invests in information technology and life science companies that have the potential to transform their markets and create lasting value.
EPIC Ventures is a venture capital firm specializing in early-stage information technology, clean tech and life science investments. Founded in 1994, EPIC currently manages more than $240 million in venture capital. Headquartered in Salt Lake City, EPIC also maintains offices in New Mexico and Idaho. For more information, see http://www.epicvc.com.
The Dow Chemical Company is a leader in science and technology with annual sales greater than $40 billion, providing innovative chemical, plastic and agricultural products and services to many essential consumer markets.
The Southern Ute Growth Fund is the business investment arm of the Southern Ute Indian Tribe, and possesses assets in several industries and investment categories that are approaching $2 billion in value.
Source: VeraLight, Inc.