Freedom Meditech is a San Diego, California-based medical device company that focuses on commercializing non-invasive technologies for disease detection and patient health management. Its first product, the ClearPath DS-120®, is a non-invasive tool that measures autofluorescence in the eye and has been cleared by the FDA, obtained the CE mark, and holds a Canadian Establishment license; it is available for sale worldwide. The company is developing a non-invasive ophthalmic glucose monitor intended to measure glucose levels in the eye for people with diabetes as an alternative to finger-prick technologies. Freedom also conducts supporting research and development activities throughout the state of Ohio. In May 2015 the company raised $4.8 million in a Series C financing and said it will use the funds to advance its R&D programs. John Gerace was newly named chief executive officer at the time of the financing. Freedom Meditech, founded in 2006 and led by CEO Craig Misrach, is a San Diego-based medical device company focused on commercializing ophthalmic technologies. The company has launched the ClearPath DS-120 Lens Fluorescence Biomicroscope, which measures autofluorescence by scanning the crystalline lens with blue light. Freedom Meditech also develops the I-SugarX diabetes glucose meter and intends to expand its intellectual property position around that product. The company plans to use recent funding to support the U.S. commercial launch of the ClearPath and to bolster its IP for I-SugarX. Freedom Meditech has secured over $10m to date and recently closed a $7m Series B financing. Andy Sassine, a former Fidelity portfolio manager, has joined the company's board of directors. Freedom Meditech develops non-invasive ophthalmic technologies, notably the ClearPath DS-120 Lens Fluorescence Biomicroscope, which uses proprietary biophotonic spectroscopy to detect lens autofluorescence and produces an immediate, painless result at point of care. The company plans to ramp up manufacturing and distribution of the ClearPath DS-120 and to launch initially in markets that accept the CE Mark and the CSA Certification Mark. The ClearPath is under U.S. FDA 510(k) review and regulatory review in the European Union, and the device is currently investigational and limited to investigational use in the U.S. Freedom Meditech says the technology requires no special preparation, scans in under six seconds, and generates no biohazardous waste. The company maintains research and development operations in California and Ohio with corporate and engineering activities in San Diego, CA. Financially, Freedom Meditech secured a $2 million line of credit from Silicon Valley Bank to support the product ramp and distribution, and it is anticipating a Series B financing close. Freedom Meditech is a San Diego company with Ohio operations that develops non-invasive medical devices to measure and manage diabetes. Its lead product is a hand-held device that shines light into the eye to estimate blood glucose, an alternative to finger-stick testing, based partly on patented technology from the University of Toledo. The company has conducted preclinical trials with preliminary glucose-prediction results it describes as encouraging and plans to present results at scientific meetings. Freedom Meditech is working on a second-generation prototype for a pilot human clinical study and intends to use recent funding to meet product development milestones and communicate clinical protocols and study results to the U.S. Food and Drug Administration. It has research and development relationships with MAGNET, Cleveland Clinic’s Cole Eye Institute, BioEnterprise, LNE Group, BioOhio, and Battelle. Financially, the company reported it has raised about $630,000 toward a Series A target of $2.5 million and previously won a $380,000 commitment from JumpStart for preclinical testing.

Total raised

$14M

Funding rounds

4

Latest round

Series C

Latest activity

May 2015