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7SBIO CLOSES $16 MILLION SERIES B FINANCING.

Seventh Sense Biosystems, Inc. (7SBio) has closed $16 million Series B financing from a syndicate of global leaders in diagnostic technologies, pharmaceuticals and clinical diagnostic laboratory services. New investors, the Venture Capital unit of Siemens Financial Services (SFS VC), Novartis and Laboratory Corporation of America Holdings (LabCorp) participated in the financing with existing investors Flagship Ventures and Polaris Partners. 7SBio will use the proceeds from this financing to complete the development of its Touch Activated Phlebotomy (TAP) platform, which is designed to significantly improve the convenience and efficiency of blood collection.

In the past month, 7SBio received notices of allowance for three U.S. patents for its proprietary technology. The company received its first patent in October 2013. When fully commercialized, the TAP platform is expected to incorporate additional capabilities for sample separation as well as dried blood spot and on-board diagnostic abilities.

About the Touch Activated Phlebotomy Device

Touch Activated Phlebotomy (TAP) is a proprietary platform that draws capillary blood in a virtually painless, one- step process without having to access a vein. The TAP system penetrates the uppermost layers of skin through the use of micro-needles, collects capillary blood using a novel microfluidic extraction process, and stabilizes the blood with anticoagulant if required. The device has a visual indicator to confirm that collection is complete. The TAP platform is designed for fully automated, high throughput manufacturing.

About Seventh Sense Biosystems, Inc.

Founded in 2008, within Flagship VentureLabs, 7SBio is developing and commercializing an array of products based on the company's proprietary Touch Activated Phlebotomy (TAP) painless blood collection platform, with an initial focus on enabling important diagnostic testing at the point of care by reducing the discomfort, anxiety and hassle of blood sample collection that can inhibit and sometimes prevent patients from undergoing blood tests and receiving appropriate care.

For more information, visit www.7sbio.com.

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Publication:Biotech Business
Date:Sep 1, 2014
Words:308
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