BEDFORD, Mass.--(BUSINESS WIRE)--MicroCHIPS, Inc., a leading developer of innovative drug delivery and biosensing devices, today announced a $13.4 million round of investment funding led by Novartis Venture Fund. Reinhard Ambros, Global Head of Novartis Venture Fund, has joined the company’s board of directors. CSK Venture Capital of Japan also joined existing MicroCHIPS investors Polaris Venture Partners, IDG Ventures, Medtronic, Boston Scientific, Intersouth Partners and Boston University Community Technology Fund in this round of financing.
MicroCHIPS is pioneering the next generation of implantable biosensing and drug delivery devices that will improve therapeutic control, reduce painful interventions and help maintain and improve health for the millions of diabetes and osteoporosis sufferers worldwide.
According to Reinhard Ambros, Global Head of Novartis Venture Fund, “Novartis sees tremendous opportunity in the development of innovative devices that can be used to sense a patient’s condition and precisely deliver highly potent molecules to critically ill patients. MicroCHIPS’ drug delivery and biosensing devices have the potential to revolutionize monitoring and therapy for millions of patients suffering from metabolic and cardiovascular diseases.”
Makoto Kaneshiro, Managing Director of CSK Venture Capital, added, “MicroCHIPS is targeting solutions to address the global epidemics of diabetes, osteoporosis and cardiovascular diseases. MicroCHIPS’ unique technologies will provide significant advantages for these worldwide health problems.”
“This latest round of financing underscores the great market potential for MicroCHIPS’ biosensing and drug delivery technology,” stated John Santini, MicroCHIPS’ CEO. “Novartis’ leadership in pharmaceutical development complements the medical device investment of Medtronic and Boston Scientific as MicroCHIPS develops solutions to help patients with debilitating diseases. CSK Venture Capital’s experience as a pioneer of life science investments in Japan completes a global team of top investors.”
About MicroCHIPS
MicroCHIPS, Inc. is pioneering ‘smart’ implantable devices to create sophisticated monitoring and therapy systems. Based on breakthrough technologies originally developed at MIT, MicroCHIPS’ patented technologies have the ability to revolutionize today’s medical implants by adding unique monitoring and targeted therapeutic capabilities designed to improve patient care in chronic disease states. MicroCHIPS’ devices under development are based on advances the company has made in the fields of microelectromechanical systems (MEMS), implant technologies, drug formulation and chemical sensing. www.mchips.com
About Novartis Venture Fund
Novartis Venture Fund, established in 1996, currently manages over $550 million in committed capital and is invested in more then 50 private companies. As a financially driven corporate life science investor, NVF invests in companies which have the potential to lead the next innovation wave in core therapeutic fields or explore new business areas that will be critical to patient care. The primary interest is in the development of novel therapeutics and platforms and is augmented with investments in medical devices, diagnostics, biomarkers and delivery systems. The Fund prefers to invest in the early-stages of company development and is able to lead, co-lead or participate in a larger syndicate. The NVF team of nine investment professionals located in Basel, Switzerland and Cambridge, MA brings together extensive experience in pharmaceutical R&D and venture capital. http://www.venturefund.novartis.com
About CSK Venture Capital
CSK Venture Capital is one of the oldest and most successful Japanese venture capital firms, and is located in Tokyo and Menlo Park, CA. Part of CSK Holding, the largest, independent IT service provider in Japan, CSK Venture Capital has invested in more than 200 companies in Japan, US, Europe, Israel, and Korea both in the technology and in the life science sector since 1991. CSK Venture Capital was the first venture capital firm to raise a dedicated bio-incubation fund in Japan in 1999 with funding from Japanese government institutions and leading pharmaceutical companies. The fund has achieved superior returns for investors and the most successful biotech IPO in Japan. Since then CSK Venture Capital has expanded its life science investment focus outside Japan with a number of high profile investments in the US and a particular focus on personalized medicine. www.cskvc.co.jp/eng/index_eng.html
Contacts
MicroCHIPS, Inc. Maggie A. Pax, 781-275-1445 x 220 Vice President, Business Development mpax@mchips.com or
KMC Partners for MicroCHIPS Sarah Mees, 617-682-3759 sarah@kmcpartners.com
