April 16, 2018 Source: Med City News 166
A medication management startup that’s created sensors for injectable medication has raised $6.6 million as part of a Series A round. The funding will be used to speed up manufacturing and commercialization of Common Sensing’s signature product Gocap.
Waterline Ventures led the round with support from returning investors New World Health, Royal Philips, and Haselmeier.
The sensor in Gocap automatically transmits the time, amount, and kind of insulin used after the insulin pen is used.
Although diabetes management through insulin has been a focus of the company, it is also developing tools to support other injectable medication such as fertility drugs and growth hormones.
One of the challenges Cambridge, Massachusetts-based Common Sensing has sought to address with Gocap for insulin pens is how to give clinicians greater insights into patients’ insulin use between office visits. At least 45 percent of patients with type 2 diabetes fail to achieve adequate glycemic control. One contributing factor is poor medication adherence. When it comes to injecting insulin, needle phobia is one cause but there are many other reasons as well. One use for Gocap is assessing the data to generate more insights on adherence and how physicians can use that information to improve interaction with their patients.
Since the company was co-founded in 2013, by MIT graduates James White co-founded Common Sensing with Richard Whalley, it has sought partnerships with pharma companies. Last year, Common Sensing joined a pilot program by Sanofi and Innovation Health — an insurance company that’s a joint venture between Inova and Aetna.
Earlier this year Common Sensing sourced its COO Kevin Schmid from drug delivery business Insulet Corp. He had also served on the board of Common Sensing for the past three years. At Insulet, he helped develop and commercialize wearable, smart drug delivery pumps, such as the Omnipod Diabetes Management System, the Amgen Neulasta On Body Injector, and the Ferring Pharmaceutical LutrePulse System.By Ddu
your submission has already been received.
Please enter a valid Email address！
The most relevant industry news & insight will be sent to you every two weeks.