Advanced BioSensors, Inc. Continues Sponsored Research Agreement with Drexel
October 7, 2010
Advanced BioSensors, Inc., a subsidiary of NetScientific America, Inc., has received a further tranche of its $5 million Series A financing round. NetScientific has so far seeded Advanced BioSensors with $500,000, most of which was directed at supporting sponsored research agreements with Dr. Ryszard Lec’s laboratory at Drexel University’s School of Biomedical Engineering, Science and Health Systems.
“We are excited to have Advanced BioSensors in our family of life science companies,” said David Gough, director of NetScientific America and Advanced BioSensors. “The Series A funding provides Advanced BioSensors with the necessary resources to commercialize the Piezoelectric Blood Pressure technology.”
Advanced BioSensors was founded in August 2009 to further develop a cuff-less blood pressure technology originally developed by Lec. The company and its founders estimate that it will take no less than $5 million to bring Blood Pressure Wristwatch to market, and NetScientific is fully committed to providing this amount from its own funds or raising it from outside investors. The wristwatch will be a consumer oriented medical device to be sold over-the-counter and e-commerce style. It will appeal to the individuals with hypertension, totaling 80 million U.S. and the 120 million in the EU.
“The Blood Pressure Wristwatch will enable continuous monitoring of an individual’s blood pressure, providing an opportunity to improve control of the blood pressure and prevent long-term consequences of uncontrolled hypertension,” said Lec.
NetScientific is a private investment fund providing early-stage finance and support for innovative technologies, with a particular interest in medicine, renewable energy and enhancement of the environment. Its team draws on a wealth of experience to actively engage with its partners to achieve breakthroughs in their respective areas. NetScientific operates in Europe through NetScientific Limited and in the USA through NetScientific America, Inc.
About Drexel University’s School of Biomedical Engineering, Science and Health Systems:
Founded in 1961, Drexel’s School of Biomedical Engineering, Science and Health Systems is one of the oldest in the country. Located in the heart of Philadelphia, which encompasses one of the highest concentrations of biomedical industries and health care institutions, the School has formed an academic alliance with Thomas Jefferson University. Research centers at the School include The Biomedical Ultrasound Research and Education Center, The Drexel/ Hahnemann Injury Research Institute, The Ben Franklin Center of Excellence in Fiber Optics and Photonics and the Ben Franklin Center for Tissue Engineering.
News media contacts:
David Gough, NetScientific, email@example.com
Niki Gianakaris, Drexel University, 215-895-6741, firstname.lastname@example.org