SpectRx/Abbott
This article was originally published in The Gray Sheet
Executive Summary
SpectRx receives $2 mil. milestone payment from Abbott's MediSense unit as part of a 1999 development collaboration for a non-invasive continuous glucose monitoring device. So far, Abbot has provided $5.25 mil. in funding for the continuous glucose monitor project, has made two equity investments totaling $4 mil., and now owns 5.9% of SpectRx common stock. Although the exact criteria for the milestones are confidential, the most recent payment marks the conclusion of the feasibility phase. Another $2 mil. milestone payment is anticipated in the first quarter of 2001. The device works by using a low-energy laser to create four micro-pores through which glucose levels in interstitial fluid are read by an electronic patch