SpectRx/Abbott Labs
This article was originally published in The Gray Sheet
Executive Summary
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)