| Morrisville, N.C. - Nov 19, 2007 -Centice Corporation, founded in 2004 to commercialize proprietary computational optical sensor technologies originally developed at Duke University, announced today the successful completion of a new $11.3 million Series B round of equity funding. This funding is a result of solid progress to meet aggressive milestones related to the development and commercialization of the company’s PASS Rx™ pharmaceutical authentication sensor system, and will be used to continue these efforts directed towards market launch in 2008.
Leading the financing was S-Group Direct Investments Ltd., and existing investors, The Aurora Funds and Novak Biddle Venture Partners. Additional investors included Innovation Ventures, along with several other individuals.
Ray W. Swanson, President & CEO of Centice, said, “We are very pleased to close on this round of new financing. PASS Rx™, with its ability to improve pharmacy customer safety by improving the quality assurance process of dispensed medications, is at the forefront of a new and exciting opportunity for pharmacy, and these funds secure our ability to bring this innovative product to market in 2008 Successful completion of this financing also underscores the support we have from a extremely talented Board of Directors and investors.
Scott Albert, General Partner of the The Aurora Funds, and Chairman of the Centice Board of Directors, said, "We are very excited with the progress that Centice has made over the past year. This new round of financing will allow the company to reach its key milestones culminating with the launch of their first major product. We are also pleased to have added S-Group Direct Investments Ltd. as a co-lead investor with Aidar Gabidullin joining the Board of Directors.”
Founded in 1994, The Aurora Funds is a venture capital firm that provides capital, connections and strategic guidance to entrepreneurs with early stage health care, life sciences and information technology companies in the Southeastern and mid-Atlantic United States. The firm manages over $230 million in five venture funds. The firm's six investment professionals have over 85 years of combined venture investing experience.
Tom Scholl, General Partner of Novak Biddle Venture Partners, said, “Centice’s leadership team has significantly advanced its technology and business development with plans to launch a major new product in 2008. The closing of this round of financing validates Centice’s achievements and bodes an exciting future. We are pleased that S-Group Direct Investments Ltd. co-led the new round of financing, and look forward to Aidar Gabidullin joining the Board of Directors.”
Novak Biddle Venture Partners is a leading early stage venture capital firm focused on unique, cutting-edge technology investments in the Eastern United States, as well as targeted opportunities nationwide. With $580 million under management, Novak Biddle operates five venture funds that currently provide equity financing and management assistance to 42 portfolio companies. Novak Biddle continues to seek business situations where the combination of ideas, dollars, experience, and relationships can create long term, sustainable value. For more information, visit
www.novakbiddle.com.
“We are extremely excited to be a new co-lead investor of Centice Corporation.” stated Aidar Gabidullin, Partner of S-Group Direct Investments Ltd. “With Centice’s experienced and successful leadership team, platform technology, and established core capabilities, the Company has the ingredients for great success over the next few years.”
Founded in 2006, S-Group Direct Investments Ltd. is a private equity and venture capital firm currently investing out of its first fund with $250 million committed. S-Group is focused on companies within a broad range of industries, which includes technology, chemistry, engineering, financial services, and retail/consumer goods, located in Russia, US, and Europe.
About Centice
Centice, founded in 2004, is commercializing patented and patent-pending computational sensor technology originally developed at Duke University. The PASS Rx™ pharmaceutical authentication sensor system is the Company’s first product. The PASS Rx™ system has the potential to improve the verification process for dispensed medications, thereby increasing patient safety, and is anticipated for market availability in 2008. The company has received venture capital investments from The Aurora Funds, Inc., Novak Biddle Venture Partners, S-Group Direct Investments Ltd, and Innovation Ventures LP. More information on Centice can be found at http://www.centice.com.
Company Contact
Arthur Bergens
Chief Financial and Administrative Officer
(919) 653-0424 ext. 111
abergens@centice.com |
