US-based digital drug developer Chrono Therapeutics closed a $32m series A round yesterday featuring medical practice Mayo Clinic and GE Ventures, General Electric’s corporate venturing subsidiary.
The round was led by venture capital firms Canaan Partners and 5AM Ventures, and also included Fountain Healthcare Ventures.
Chrono plans to use the funding to complete development and testing of SmartStop, a wearable, programmable transdermal drug delivery system that works as a real-time support programme to help people quit smoking.
“Chrono Therapeutics is paving the way for personal monitoring in healthcare through the creation of the SmartStop integrated digital solution,” said Leslie Bottorff, managing director of healthcare for GE Ventures. “Their technology is only just beginning, and GE Ventures looks forward to working together to transform disease management.”