|
MEDIA CONTACTS:
Innovation Ventures, L.P.
Stacey Blackwell
Operations Manager
302-777-1616
717-397-2279
sblackwell@innovationcapital.com
Centice Corporation
Arthur Bergens
Chief Financial and
Administrative Officer
919-653-0424 ext. 111
abergens@centice.com
|
INNOVATION VENTURES INVESTS IN CENTICE CORPORATION
Company secures $11.3 million to market innovative
medication verification system
Wilmington, DE,
November
15, 2007-- Innovation Ventures, LP, with offices in
Wilmington, DE and Lancaster, Pa., is pleased to
announce an investment in Centice Corporation.
Innovation Ventures participated in this $11.3 million B
round, which was lead by S-Group Direct Investments
Ltd. Existing investors, The Aurora Funds and Novak
Biddle Venture Partners, also participated in the round.
Centice, founded in 2004, is
commercializing patented and patent-pending
computational sensor technology originally developed at
Duke University. This round of financing will enable
the company to bring its innovative pharmaceutical
authentication sensor system (PASS Rx™) to market in
2008.
Ray W. Swanson, President & CEO of
Centice, said, “We are very pleased to close on this
round of new financing. The market introduction of PASS
Rx™ will improve customer safety by enhancing the
quality assurance process of dispensed medications.
We’re at the forefront of a new and exciting opportunity
for pharmacy, and these funds secure our ability to
bring this revolutionary product to market in 2008. The
continued backing from our existing investors and the
introduction of new investors underscores the tremendous
progress the company has made over the past several
years.”
The PASS Rx™ system uses patented
technology to verify dispensed medications against a
customer’s prescription at the point of sale in
real-time. This will not only improve customer safety,
but will also have a positive impact on a pharmacy’s
workflow.
Centice technology has additional
applicability beyond the verification of solid
medications in the pharmacy, and the company has plans
to develop future products in the areas of liquid
medication verification and counterfeit drug detection.
“We are excited to be an investor in
Centice as we believe the PASS Rx™ system will greatly
aid pharmacies in their ongoing efforts to significantly
improve the standard of care they offer their
prescription customers,” said Patrick Foley, Principal
of Innovation Capital Advisors.
"We are very excited with the
progress that Centice has made to date. This new round
of financing will allow the company to reach its key
milestones culminating with the launch of their first
major product. We welcome our new investors and look
forward to working with Aidar Gabidullin who has joined
the Board of Directors.” said Scott Albert, General
Partner of the The Aurora Funds, and Chairman of the
Centice Board of Directors.
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. This financing validates Centice’s
achievements and bodes an exciting future. We’re also
excited to have Aidar join the Centice team.”
“We are extremely excited to be a new
investor in Centice Corporation.” stated Vladimir
Yakushev, Managing Partner of S-Group Direct Investments
Ltd. “Centice’s initial product is a great opportunity
by itself, but what we really liked was the potential
the platform provides for future products in different
application areas, as well as in international markets.”
About
Innovation Ventures, L.P.
Innovation Ventures, LP (IV) is an SBIC venture capital
fund headquartered in Wilmington, DE and with offices in
Lancaster, PA. IV is focused on growth and early-stage
investments in the areas of chemicals and materials;
electronic materials and devices; information
technology; nanotechnology; software; biotechnology
(excluding human therapeutics); and business information
services related to the legal, financial services and
manufacturing industries. Innovation Ventures invests
$250,000 to $1 million in early and growth stage
companies primarily located in the Mid-Atlantic region.
The Innovation Ventures, LP website can be found at
www.innovationventures.com.
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
www.centice.com
About
The Aurora Funds
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. For more information, visit
www.aurorafunds.com.
About
Novak Biddle Venture Partners
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.
About
S-Group Direct Investments
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. |
