MicroChips gets $13M from Novartis Venture

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MicroChips Inc. reports it has raised a $13.4 million round of funding as the Bedford-based company develops implantable biosensing and drug-delivery devices.

The round was led by Novartis Venture Fund, the venture capital arm of Swiss drug giant Novartis AG, and included new investor CSK Venture Capital of Japan. Existing investors in the round included Polaris Venture Partners, IDG Ventures, Medtronic Inc., Boston Scientific Corp., and Boston University Community Technology Fund.

Reinhard Ambros, global head of Novartis Venture Fund, has become a member of the board of directors.

MicroChips, which is developing implants for patients with diabetes and osteoporosis, was founded in 1999 based on science by MIT professors Robert Langer and Michael Cima. The company has raised $56 million in financing since it was founded.

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