A Diagnostics & Imaging Week

Sensors for Medicine and Science (Germantown, Maryland) a clinical-stage company pioneering breakthrough technology that could "dramatically improve" continuous glucose monitoring for people with diabetes, reported the completion of a $10 million financing with a strategic investor.

The unidentified new investor purchased shares of the company's existing Series C preferred stock.

No product development or intellectual property rights were transferred as a result of this investment.

Previous venture investors in Sensors for Medicine and Science, include New Enterprise Associates (Menlo Park, California) HealthCare Ventures (Princeton, New Jersey), Rho Management (New York) Anthem Capital (Vancouver) and Abingworth Bioventures (London).

In other financings:

• Pathway Medical Technologies (Kirkland, Washington) a developer of endovascular treatments for peripheral arterial disease (PAD), reported that WRF Capital, the venture investment arm of Washington Research Foundation (Seattle) an independent, nonprofit agency whose mission is to capture and enhance the value of intellectual property arising from Washington state research institutions, has invested $1.5 million as part of Pathway's Series D round of financing.

• Orasi Medical (Edina, Minnesota) said it has completed a $3.5 million Series B financing round.

The company said it will use this capital to expand the development and use of its diagnostic test into the pharmaceutical and clinical markets. Pharmaceutical companies will use this test to determine the efficacy of compounds intended to treat various neurological diseases.

Orasi is currently in discussions with several pharmaceutical companies to finalize the structure of these clinical trials and the inclusion of the Orasi test.

"In light of the difficult financial markets today we are very pleased with investor response to the Orasi offering. Pharmaceutical companies face a very difficult task in measuring the effect of neurological drugs; the Orasi products provide a novel approach to measuring treatment effect earlier and more accurately than current practice. This round of capital allows the company the opportunity to substantially advance this technology," said Shawn Lyndon, Orasi's president/CEO.