GERMANTOWN, MD /Marketwire/ -- Sensors for Medicine and Science Inc. (SMSI), a privately held medical device company, focused on the development and commercialization of the first fully implantable, long-term continuous glucose monitoring (CGM) system for people with diabetes, announced a $54.1 million Series D equity financing. The funding was led by new investor Delphi Ventures, with significant participation from existing investors New Enterprise Associates, HealthCare Ventures, Anthem Capital, and Greenspring Associates.
The Series D financing follows the company's recent announcement of results of a human pilot study of its CGM system, which demonstrated a high level of accuracy in glucose measurement and data indicative of at least six-months expected useful life of the sensor. The company plans to use the proceeds to fund the next product development phase and advance its worldwide clinical development programs and regulatory approvals.
"This financing demonstrates our investors' confidence in our ability to deliver promising human clinical results as we prepare to move a very important investigational product closer to commercialization," said Tim Goodnow, PhD., President and Chief Executive Officer, SMSI. "We are extremely proud of the technological advances our team has achieved and look forward to the day when we are helping people better manage their diabetes."
The SMSI continuous glucose monitoring system includes a miniaturized sensor and reader. The sensor is inserted into the subcutaneous space and is inductively powered and remotely interrogated, requiring no battery and no wires, connecting the sensor to an external display reader. After insertion, the sensor functions noninvasively, automatically, and continuously.
"We are thrilled to partner with the Sensors for Medicine and Science management team in their effort to bring a game-changing technology to the millions of people who need better tools to manage their diabetes," said Doug Roeder, General Partner, Delphi Ventures. "SMSI's unprecedented technical accomplishments have demonstrated solutions to a series of fundamental challenges in continuous glucose monitoring and implantable sensors. We believe their system's accuracy and highly differentiated product profile provide a breakthrough opportunity to address this important market."
Diabetes affects nearly 26 million people in the U.S. and an estimated 350 million worldwide. Monitoring of glucose levels is essential to managing the disease and avoiding its debilitating complications. Continuous glucose monitoring has the potential to further help diabetes patients examine how their glucose level reacts to insulin, exercise, food, and other factors. Studies have shown that CGM is effective in reducing A1c levels and improving glucose control while minimizing severe hypoglycemia. Accurate continuous glucose monitors are also a key component of the promising artificial pancreas initiative that offers additional freedom in the management of diabetes.
The focus of Sensors for Medicine and Science Inc. (SMSI) is to develop and commercialize transformative glucose monitoring products that enable people with diabetes to confidently live their lives with ease. SMSI is developing the first fully implantable continuous glucose monitoring system designed to be highly accurate and biocompatible throughout its long sensor life. SMSI uses proprietary breakthrough fluorescence sensing technology, which a recent study has shown to be highly sensitive and specific in glucose measurement. The system is intended to provide people with diabetes with an accurate and easy-to-use system for better diabetes management.