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news.VeraLight has completed 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 non-invasive diabetes screening system.
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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 plans to submit a premarket approval application to the FDA by the end of 2008 to evaluate the safety and effectiveness of the Scout DS for marketing clearance.
David Avermaete, CEO of VeraLight, said: The financing will enable us to advance our commercialization plan and grow our global business. 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.