December 19, 2011
Grove Instruments Closes $6M Financing Round
By Rick Saia
Medical device manufacturer Grove Instruments Inc., of Worcester has closed a $6 million offering of preferred stock that attracted more investors than the company was seeking, Grove said in a statement.
The company cited its technology, technical progress in diabetes care and recent key additions to its board of directors as reasons the stock was "oversubscribed." Grove is developing a noninvasive glucometer and recently added two recognized leaders in diabetes care and research to its scientific advisory board.
Grove, which is privately held, said the private placement round of financing drew new investors from the Greater Boston area and from among current shareholders.
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