This article was originally published in The Gray Sheet
Executive SummaryExpects to gross a maximum of $10.5 mil. from a "best efforts" offering of 3 mil. shares of common stock, according to a prospectus filed with the Securities and Exchange Commission. The proceeds will be used to continue development of its noninvasive glucose sensor systems and for general working capital. Biocontrol Technology, which formed Diasense in 1989 and owns about 44% of its stock, is developing the noninvasive glucose sensor technology under contract with Diasense. In January, BICO submitted a 510(k) to FDA for the Diasensor 1000 ("The Gray Sheet" Jan. 10, In Brief), a production model of the sensor technology. The 510(k) is still under review by the agency
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