GE Ventures Invests in Chrono Therapeutics
The convergence of healthcare and digital technology is a driving force behind many of the advancements we’re seeing in the world today, and personal monitoring is one of the strongest areas of growth. While there has been a strong push for consumer wellness products, our team at GE Ventures is always on the lookout for companies using this new technology to serve patients and medical centers.
Chrono Therapeutics is one of those companies. A pioneer in digital drug products, Chrono is paving the way for personal monitoring in healthcare. And today, we’re excited to announce our participation in a round of financing for Chrono, led by Canaan Partners and 5AM Ventures. Chrono will use this funding to complete product development and clinical studies for StartStop, the first “smart” transdermal nicotine replacement therapy (NRT) system for smoking cessation.
Chrono was founded in 2004 with a vision of transforming disease and addiction management through wearable, patient-optimized drug delivery. The company has rapidly increased its product development in the last year, receiving a $2.23 million grant from The National Cancer Institute to commercialize SmartStop.
Combining an active drug compound in nicotine with programmable, wearable technology, SmartStop will solve many of the problems that make quitting smoking so difficult. The device addresses the fact that smokers have clear, consistent and predictable daily peak craving times, and automatically varies nicotine levels to match those patterns and satiate cravings before they occur. SmartStop uses Bluetooth technology to communicate wirelessly with mobile devices, providing users with compliance measurements, behavioral support, support network information, data tracking and rewards or incentives.
Chrono founder Guy Dipierro sees potential to help more smokers quit once and for all, but there’s an added benefit for businesses too: Companies can save more than $5,800 in health care costs annually for each employee they can get to stop smoking.