Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
MicroChips, Inc.: Recently completed $16 mil. private placement will accelerate development of the Cambridge, Massachusetts-based firm's "intelligent" drug delivery system and anticipated clinical trials. The implantable device employs MEMS (micro-electromechanical systems) technology and wireless communications to deliver accurate doses of medication. MicroChips expects to use the technology for applications in pain management, hormone and steroid delivery, and certain cancer and central nervous system (CNS) disorders. New investor IDG Ventures led the round...