Freedom Meditech Inc., a San Diego-based maker of devices that detect disease in the eye, has received $7 million in Series B financing to help advance its launch of a new eye scanner, the company announced.
The new funding is from an unnamed syndicate of new investors and returning investors who participated in its 2009 Series A round. Freedom Meditech has raised $10 million in private financing since it was founded in 2006, the company said.
The new capital will be used to commercialize its ClearPath DS-120 Lens Fluorescence Biomicroscope, which received U.S. Food and Drug Administration clearance in February and was launched in June. The noninvasive eye scanner enables physicians to check a patient’s eye for disease without drawing blood or dilating the pupil, the company said.
Freedom Meditech also plans to use the cash influx to continue clinical development of its I-SugarX personal glucose meter. The handheld device measures blood sugar in diabetics through patients’ eyes.
“With diabetes reaching epidemic levels around the world, there is a critical need for new technologies for early detection and monitoring of the condition,” Craig Misrach, CEO of Freedom Meditech, said in a statement.
— Meghana Keshavan