The medical technology company Cellnovo, based in Wales, earlier this year had announced the imminent start of a new clinical study for ensuring that its artificial pancreas system complies with EU legislation.
Now, approximately six months after this initiation, the company has announced a capital raise of €17.5M to boost sales, improve its product and continue with the development of an artificial pancreas system that can measure glucose and deliver the right amount of insulin without the need for human input.
The independent medical technology company specializing in diabetes is co-developing this artificial pancreas system in Europe with its French partner, Diabeloop, and aims to reduce the severe long-term complications associated with diabetes in addition to make the lives of people with the disease easier.
“Insulin requirements vary greatly from one day to another and there is no way patients can know what they need,” says Cambridge Professor Roman Hovorka, who is developing an artificial pancreas.
Part of the fund is expected to be invested in boosting the sales of its mobile diabetes management system worldwide, which amounted to €1.5M last year, another portion will be going towards reducing production costs and increasing the insulin capacity of the pumps, which currently carry enough insulin to last for around 3 days, and the rest will
be used to fund the regulatory approval process of a fully automated artificial pancreas system.Some renowned European life sciences investors that took part in the capital increase include Forbion Capital Partners, Advent Venture Partners and Edmond de Rothschild.
