Cellnovo has launched a capital increase from top European investors to boost its mobile system for diabetes and complete the development of a fully automated artificial pancreas.
Cellnovo is a French medtech company with an all-in-one system to manage diabetes in the market. The company has now announced a capital raise of €17.5M to boost sales, improve its product and continue the development of an artificial pancreas system that can measure glucose and deliver the right amount of insulin without the need for human input.
Some of the most renowned life sciences investors in Europe took part in the capital increase, including Forbion Capital Partners and Edmond de Rothschild, which were already main shareholders, as well as Advent Venture Partners.
Part of the funds will be invested in boosting sales of Cellnovo’s mobile diabetes management system worldwide, which amounted to €1.5M last year. Another portion will go towards reducing production costs and increasing the insulin capacity of the pumps, which currently carry enough insulin to last for around 3 days. The rest will fund the regulatory approval process of a fully automated artificial pancreas system.
An artificial pancreas would not just make the lives of people with diabetes easier, it could actually have health benefits and reduce the severe long-term complications associated with the disease. “Insulin requirements vary greatly from one day to another and there is no way patients can know what they need,” Cambridge Professor Roman Hovorka, who is developing an artificial pancreas, told me in an interview. This means a fully automated algorithm could be better at predicting how much insulin you need than the patients themselves.
Cellnovo is partnered with the Diabeloop consortium in France, Imperial College London and the Horizon2020 program in Europe, and the company TypeZero in the US for the development of an artificial pancreas. As stated in its annual report, the company expects to prepare its launch on the European market in late 2019.
Images via Cellnovo