MENLO PARK, Calif.– Credence MedSystems, Inc. announced today that it has closed a funding round with gross proceeds of $39.9 million. Sources of funding include strategic investments from Novartis Pharma AG, Molex Ventures LLC as well as additional investors.
The investment will be directed towards scaling of production capacity for the Credence Companion® and Dual Chamber Reconstitution Systems as well as development of other members of the Company’s platform of innovative drug delivery systems, including its connected health portfolio.
“The funding comes at a great time as we take the manufacturing of our Companion and Dual Chamber systems to the next level to meet pent-up demand in the market,” stated John Merhige, Credence’s Chief Commercial Officer. Jeff Tillack, Credence’s Chief Operating Officer, added, “Our immediate focus is on implementing the production capacity to support our customers’ needs, including GMP production for clinical use.”
Credence’s lead products are the Companion® Safety Syringe System and the Dual Chamber Reconstitution System, which provide critical usability and safety features to end-users along with operational efficiencies to pharma manufacturers. Additionally, the products enable pharma manufacturers to leverage sustainability advantages stemming from the reduced use of plastic and smaller footprint compared to conventional approaches.
Funding also supports acceleration of Credence’s connected health programs. The Credence Connect™ Auto-Sensing Injection System brings digital connectivity to any syringe, allowing critical information about the injection to be automatically captured and transmitted to a smart phone and the cloud. The Connect has the potential to impact chronic disease management and clinical trial compliance.
