24 Oct NovioSense Announces Successful Clinical Trial and Secures 4th Round Financing for Its Tear Glucose Sensor with Noviotech as coinvestor
New US Investors and Harry G. Mitchell Join the NovioSense Team
NIJMEGEN, Netherlands–October 24, 2016
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 product 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 two new US based investors will build more clinical accuracy data of the sensor platform compared to competing minimally invasive devices. NovioSense will report its second phase clinical data in the first half 2017 and will pursue market clearance in 2019.
As part of the new investment, NovioSense announced that 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, Harry Mitchell is a leading business developer in the medical device and diabetes space, and recently Executive Director and Co-Founder of The Joslin Institute for Technology Translation at the Joslin Diabetes Center in Boston Massachusetts. Throughout his career, Harry has consistently demonstrated exceptional business acumen building companies, with M&A and publically traded initiatives. We are extremely privileged and excited to have Harry on board as we continue to grow and explore several product opportunities using our analyte sensing portfolio.” said Dr Wilson CEO NovioSense BV.
“I am looking forward to continuing my work with the NovioSense Team and pursuing opportunities to introduce technologies developed by the Company that will make a commercial impact in Diabetes and related fields in the US and other key markets.” said Harry Mitchell EVP of Business Development at NovioSense BV.