This article was originally published in The Gray Sheet
Sale of an additional $2.5 mil. in convertible redeemable preferred stock to Abbott completes the purchase of a total of $5.3 mil. in convertible redeemable preferred stock as part of an agreement to jointly develop a continuous glucose monitor. An initial sale of $2.8 mil. in stock was announced late last year (1"The Gray Sheet" Dec. 20, p. 17)
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Sale of $2.8 mil. in SpectRx convertible redeemable preferred stock to Abbott is included in a joint pact to develop a continuous glucose monitor. An additional $2.5 mil. investment is anticipated Jan. 3. Expanding on an existing alliance between the firms, the revised agreement gives Abbott exclusive worldwide marketing rights to continuous monitoring as well as single-use monitoring applications of the SpectRx technology, which incorporates sensors worn on top of the skin to analyze glucose levels in interstitial fluid (1"The Gray Sheet" June 28, p. 19)
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