Centice Corporation, which launched its first product and put in place new management two years ago, has raised $2.3 million in new financing.
The company says the money will be used to drive sales for its existing product and development of a new service now in beta development.
Centice focuses on chemical verification and identification through use of sensors and spectroscopy.
“We are very excited about our continuing efforts to provide a unique solution for emergency room medication reconciliation with Pinpoint Rx,” said Centice Chief Executive Officer Scott Albert of the firm’s first product. “This new round is a testament to not only our current success but our future plans in the law enforcement market.”
Albert, a venture partner at The Aurora Funds which is an investor in Centice, took over as CEO in 2009. The company raised $6 million in new funding shortly thereafter.
Centice is working on a product that can be used by law enforcement,
Pinpoint is a device used to identify prescription medications and help healthcare workers speed deliver of aid to patients in emergency rooms and other admissions areas.
Centice launched in 2004.
Centice secured $4 million in bridge financing in April 2009 from Aurora, S-Group Direct Investments, Innovation Ventures and several individuals. The money is being used for commercialization efforts of PASS Rx. Centice Launched in 2004, raising $4 million. The company added $11 million in venture funding in 2007.
In December of 2007, Centice secured a patent for its process. It identifies and verifies prescription drugs in vials or bottles. The sensor works without the cap on the drugs having to be removed and replaced.
Centice has said its PASS Rx authentication sensor system can improve patient safety by improving quality-assurance processes.
The company, which has licensed technology developed at Duke University, had already secured patent coverage for its sensor platform. It has won numerous patents and is seeking more.
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