Centice Corp., a Morrisville, N.C.-based developer of a pharmaceutical authentication sensor system, has raised $11.3 million in Series B funding. S-Group Direct Investments Ltd. led the round, and was joined by Innovation Ventures and return backers The Aurora Funds and Novak Biddle Venture Partners.
Centice Corporation, a 2004 spinout from Duke University, today announced the successful completion of an additional round of financing that will enable the company to bring its innovative pharmaceutical authentication sensor system (PASS Rx�) to market in 2008.
Leading the $11.3 million Series B Preferred Stock financing was S-Group Direct Investments Ltd., with participation of existing investors, The Aurora Funds and Novak Biddle Venture Partners, as well as Innovation Ventures and several individuals.
Ray W. Swanson, president and 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 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 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.”
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 more than $230 million in five venture funds. The firm’s six investment professionals have more than 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, the U.S., and Europe.