RSP Systems completed the first closing of a series B financing round, raising €6.5 million ($7.67 million) to fund development of its GlucoBeam noninvasive glucose monitor, including more extensive clinical trials and preparations for regulatory filings.
Due to strong interest, the financing round will remain open for a second closing, the company said in a statement. To date, Odense, Denmark-based RSP has raised a total of about $23 million, including a Horizon 2020 grant for small- and medium-sized enterprises from the European Union awarded in 2016.
The company appointed a new CEO on May 1, Andreas Jenne, who has led four different biotech companies and co-founded six—most recently NEO New Oncology, acquired by Siemens Healthcare in 2016, which developed a CE-marked diagnostic kit for analyzing tumors. RSP’s previous CEO, Anders Weber, took up the position of chief scientific officer.
The series B included Jenne and Jürgen Hambrecht, chairman of the board of BASF, as well as other private offices, including all of the company’s previous investors. RSP previously held a series A round in 2016.
RSP was spun out from Odense University in 2006 and focuses on applying Raman spectroscopy for noninvasive diagnostics. The system uses reflections and scattered laser light to painlessly measure the concentration of specific molecules under the skin in the interstitial fluid. Their home-use device prototype design includes an integrated solid-state laser, USB-rechargeable battery, touchscreen and Wi-Fi connectivity.