Grove Instruments Closes $3.3M Financing Round
Medical device manufacturer Grove Instruments Inc. of Worcester has closed a $3.3 million offering of preferred stock that it says will help fund clinical testing of a new device.
The company said it’s developing the world’s first noninvasive test for diabetes patients to self-monitor their blood glucose levels. Clinical studies of the glucometer are underway at the University of Massachusetts Diabetes Center and at the Yale University Center for Clinical Investigation, Grove CEO Arthur Combs said.
Grove said it added several investors during the new stock offering. Previous offerings took place in 2011 and 2012.
Grove had received nine U.S. patents by the end of 2012, and plans to file four additional patent applications by the end of the year, the company said.
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