Flexible Medical Systems LLC, does business as FlexMed, sold $301,785 worth of equity securities to eleven investors, completing 45% of its expected offering size. The offer was placed directly without the services of a placement agent. The company raised an estimated $7.5 million since it foundation in September 2005.
FlexMed is commercializing a proprietary microchip technology which provides access to interstitial fluid (ISF) without using a needle and drawing blood. The outermost layer of the epidermis (stratum corneum) consists of layers of corneocytes with continuous lipid bilayers that effectively contain fluid inside the body. The underlying principle that keeps body fluid in (and external fluids out) is repulsion of aqueous fluid by the lipids in the same way as oil repels water. Flexmed’s proprietary microchip technology temporarily disrupts the continuity of the lipid bilayer with tiny electrical signals, rather like shaking oil and water, allowing fluids to flow through the open channel created across the stratum corneum.
The company currently focuses on developing transdermal sensing products for glucose monitoring related to diabetes. The company plans to pursue other applications such as transdermal drug delivery in the future.
FlexMed is headquartered in Rockville, MD. and is lead by Joseph A. Marcanio.