Start-up OrSense Ltd., a developer of non-invasive glucose monitoring products, announced today that several investors have committed an additional $6 million in funding to the company. The investment was led by Israel Healthcare Ventures (IHCV). Other investors include STAR Ventures and Lewis Trust Group (LTG).
OrSense chairman Shimon Eckhouse said, "We believe that this additional investment will help us establish OrSense as the world leader in non-invasive glucose monitoring, promising a significant improvement to the quality of life of people with diabetes."
OrSense further announced today that Carlo Salvi, a director at Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has been appointed to its board of directors, effective immediately.
"I am excited by the prospect of working with OrSense as a director and an advisor. I have also decided to increase my investment in the company through IHCV, because I believe that their unique non-invasive monitoring systems address major unmet medical needs and represent a potential for rapid market acceptance and profitability," stated Salvi.
OrSense intends to bring the world's first non-invasive glucose monitoring products to the market. The company's products are based on its proprietary occlusion spectroscopy technology. Additional OrSense products focus on non-invasive monitoring of other critical blood parameters, such as hemoglobin. OrSense's products will significantly reduce the need for needle-stick blood tests, and address markets of over $8 billion annually.
OrSense's intellectual property portfolio consists of 18 granted patents, with over 25 additional applications in process.
Published by Globes [online], Israel business news - www.globes.co.il - on Monday, February 06, 2006