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MicroCHIPS Receives $13.4 Million Equity Investment


MicroCHIPS, Inc., a leading developer of innovative drug delivery and biosensing devices, recently 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.”

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.

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