NIJMEGEN, Netherlands--(BUSINESS WIRE)--Following successful clinical trials in 2015, NovioSense BV, today announced they had closed their 4th financing round for the next clinical validation phase of their smartphone based tear glucose sensor device, to provide an accurate, pain-free and conveniently placed glucose sensor to address the growing diabetes epidemic impacting people’s lives and overwhelming healthcare systems worldwide.
NovioSense has developed a flexible miniature sensor that rests in the lower eyelid and provides glucose measurements directly to a smartphone. NovioSense provides the first of its kind eye-wearable, wireless, battery-free glucose sensor. "Our device will deliver pain-free continuous glucose monitoring to all individuals with diabetes at an affordable price. By utilising NFC technology found in most smartphones, our pain-free non-invasive sensor platform is employed by users to continuously monitor glucose readings, an effective component to any glucose management system," said NovioSense CEO Dr Christopher Wilson
The financing round including existing investors Health Innovations, Topfonds Gelderland, Fraunhofer Ventures and NovioTech along with two new US based investors will build more clinical accuracy data of the sensor platform to compare to competing minimally invasive devices. NovioSense will report its second phase clinical data in the first half 2017 and pursue market clearance in 2019.
As part of the new investment, NovioSense announced Harry G. Mitchell, a senior executive with more than twenty-five years’ experience in medical device, diabetes and related complication spaces joined the company as Executive Vice President of Business Development.
"Through his finance and C-Level experience, Mr. Mitchell is a leading business developer in the medical device and diabetes space, and was recently Co-Founder of Joslin Institute for Technology Translation at the Joslin Diabetes Center in Boston Massachusetts. Throughout his career, Harry has focused on building companies through M&A and publically traded initiatives. We are excited to have Harry on board as we continue to grow and explore several product opportunities using our analyte sensing portfolio." said Dr Wilson.
"I am looking forward to continuing my work with the NovioSense Team and pursuing opportunities to introduce technologies and solutions developed by the Company that will have a commercial impact in Diabetes and related fields in the US and other key markets." said Harry Mitchell.