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Do you know someone who wants to quit smoking but cannot?
I know a few and I’m sure you also know some more. Consider the following facts about smoking:
- One out of 5 deaths is caused by smocking in the US and kills over 400,000 Americans every year.
- According to the Centers for Disease Control, 70% of the 45 million US smokers want to quit smoking but they are finding it challenging.
- A typical smoker will try to quit smoking for 8-10 times.
- One of the popular therapies smokers use is Nicotine replacement therapy or NRT as they call it.
- NRT does not match craving cycles and not always turns out as an effective cure method.
Chrono Therapeutics took this as an opportunity and invented SmartStop™, a programmable transdermal drug delivery system and real-time behavioural support program for smoking cessation.
Smartstop™ is the first “smart” transdermal nicotine replacement therapy (NRT) system that synchronizes the delivery of nicotine at the times of cravings to prevent cravings from occurring.
Chrono Raises $32 Million for Wearables to Help Smokers Quit
Founded in 2004 with a vision of transforming disease and addiction management in wearable, patient optimized drug delivery, Chrono Therapeutics has closed a $32 million funding.
The funds are going to be used to complete product development and clinical studies for the SmartStop™ programmable transdermal drug delivery system and real-time behavioural support program for smoking cessation.
“Chrono Therapeutics is paving the way for personal monitoring in healthcare through the creation of the SmartStop integrated digital solution. Their technology is only just beginning, and GE Ventures looks forward to working together to transform disease management, “ said Leslie Bottorff, Managing Director of Healthcare at GE Ventures.
The Confident Founder
“We have developed a unique approach to the very difficult problem of helping smokers quit their life-threatening habits,” said Chrono President, COO and Founder Guy DiPierro. “We believe that the blend of a well understood active drug compound in nicotine with a programmable, wearable delivery system that takes into account a person’s habits as well as physiological patterns that each contribute to cravings has the potential to help more smokers quit once and for all.”
Guy is confident about the programmable device’s ability to understand physiological patterns and habits of a person that contribute to cravings has a great potential to help more smokers quit.
Grant from National Institute of Health
In the beginning of 2014, The National Cancer Institute division of the NIH has awarded Chrono a $2.23M fast track phase1/phase2 grant to commercialize SmartStop™. This was the largest grant awarded to a first time applicant in over ten years.
Getting Strong Footed
First the grant from NIH and now the Series A round for $ 32 million – The funding will be used to manufacture the devices at volume and support the company through the FDA clinical-trial period.
Chrono CEO Alan Levy, who has 30 years of experience in the life sciences industry, says that the money Chrono has raised will take them to FDA approval within 3 years of time.
Noble $32 million of funding
Despite being a commercial company, Chrono is leading a noble cause. $32 million of Series-A funding will help them go through the trials and make their dream of having Smokers Free America true.