GLUCOTRACK ANNOUNCES NEW FUNDING FOR DEVELOPMENT OF ITS CONTINUOUS BLOOD GLUCOSE MONITOR
Glucotrack, Inc. (Nasdaq: GCTK), a medical technology company focusing on diabetes management, has secured $4 million in funding from its leading shareholder, John Ballantyne. This funding will support the upcoming First in Human clinical trial for their innovative Continuous Blood Glucose Monitor (CBGM) technology.
CEO Paul V. Goode, PhD, highlighted the company's significant progress in developing their CBGM technology, describing it as a less burdensome approach to glucose monitoring. Ballantyne expressed confidence in the company's potential to deliver strong clinical value to the diabetes community and meaningful value to shareholders, citing the technology's potential to be disruptive in the large and growing diabetes market.
Glucotrack, Inc. (Nasdaq: GCTK), un'azienda tecnologica medica focalizzata sulla gestione del diabete, ha ottenuto 4 milioni di dollari in finanziamenti dal suo principale azionista, John Ballantyne. Questo finanziamento supporterà il prossimo trial clinico First in Human per la loro innovativa tecnologia di Monitoraggio Continuo della Glicemia (CBGM).
Il CEO Paul V. Goode, PhD, ha sottolineato i significativi progressi dell'azienda nello sviluppo della tecnologia CBGM, descrivendola come un approccio meno oneroso al monitoraggio della glicemia. Ballantyne ha espresso fiducia nel potenziale dell'azienda di offrire un forte valore clinico alla comunità diabetica e un valore significativo per gli azionisti, citando il potenziale della tecnologia di essere disruptive nel grande e crescente mercato del diabete.
Glucotrack, Inc. (Nasdaq: GCTK), una empresa de tecnología médica centrada en la gestión de la diabetes, ha asegurado 4 millones de dólares en financiamiento de su principal accionista, John Ballantyne. Este financiamiento apoyará el próximo ensayo clínico First in Human para su innovadora tecnología de Monitoreo Continuo de Glucosa en Sangre (CBGM).
El CEO Paul V. Goode, PhD, destacó el progreso significativo de la empresa en el desarrollo de su tecnología CBGM, describiéndola como un enfoque menos gravoso para el monitoreo de glucosa. Ballantyne expresó confianza en el potencial de la empresa para ofrecer un fuerte valor clínico a la comunidad diabética y un valor significativo para los accionistas, citando el potencial de la tecnología para ser disruptiva en el gran y creciente mercado de la diabetes.
글루코트랙, Inc. (Nasdaq: GCTK)는 당뇨병 관리를 중점적으로 다루는 의료 기술 회사로, 주요 주주인 존 발랜타인으로부터 400만 달러의 자금을 확보했습니다. 이 자금은 혁신적인 지속형 혈당 모니터(CBGM) 기술에 대한 인간 임상 시험 첫 번째를 지원할 것입니다.
CEO인 Paul V. Goode 박사는 회사의 CBGM 기술 개발에 있어 상당한 진전을 강조하며, 이를 혈당 모니터링에 대한 부담이 적은 접근으로 설명했습니다. 발랜타인은 이 기술이 커지고 있는 대규모 당뇨병 시장에서 파괴적일 수 있는 가능성을 지적하며, 회사가 당뇨병 커뮤니티에 강력한 임상 가치를 제공하고 주주들에게 의미 있는 가치를 전달할 수 있는 잠재력이 있다고 확신했습니다.
Glucotrack, Inc. (Nasdaq: GCTK), une entreprise de technologie médicale axée sur la gestion du diabète, a obtenu 4 millions de dollars de financement de son principal actionnaire, John Ballantyne. Ce financement soutiendra le prochain essai clinique First in Human pour leur technologie innovante de Surveillance Continue de la Glycémie (CBGM).
Le CEO Paul V. Goode, PhD, a souligné les progrès significatifs de l'entreprise dans le développement de la technologie CBGM, la décrivant comme une approche moins contraignante pour le suivi de la glycémie. Ballantyne a exprimé sa confiance dans le potentiel de l'entreprise à offrir une forte valeur clinique à la communauté diabétique et une valeur significative aux actionnaires, en citant le potentiel de la technologie d'être disruptive sur le grand et croissant marché du diabète.
Glucotrack, Inc. (Nasdaq: GCTK), ein Medizintechnologieunternehmen, das sich auf das Diabetesmanagement konzentriert, hat 4 Millionen Dollar an Finanzierung gesichert von seinem Hauptaktionär John Ballantyne. Diese Finanzierung wird die bevorstehende First in Human-Studie für ihre innovative Kontinuierliche Blutzuckermessung (CBGM) Technologie unterstützen.
CEO Paul V. Goode, PhD, hob die bedeutenden Fortschritte des Unternehmens bei der Entwicklung ihrer CBGM-Technologie hervor und beschrieb sie als einen weniger belastenden Ansatz für die Blutzuckermessung. Ballantyne äußerte Vertrauen in das Potenzial des Unternehmens, der Diabetesgemeinschaft einen starken klinischen Wert zu bieten und signifikanten Wert für die Aktionäre zu schaffen, und wies darauf hin, dass die Technologie disruptiv im großen und wachsenden Diabetesmarkt sein könnte.
- Secured $4 million in funding for clinical trials
- Developing innovative Continuous Blood Glucose Monitor (CBGM) technology
- Potential to disrupt the large and growing diabetes market
- Continued support from leading shareholder indicates confidence in the company
- None.
Insights
The $4 million funding secured by Glucotrack (NASDAQ: GCTK) from its leading shareholder, John Ballantyne, marks a significant milestone for the company's financial health and product development trajectory. This capital injection provides important financial flexibility as Glucotrack prepares for its First in Human clinical trial of its Continuous Blood Glucose Monitor (CBGM) technology.
From an investor's perspective, this funding is a double-edged sword. On one hand, it demonstrates strong insider confidence in the company's potential, which is typically a positive signal. On the other hand, the fact that the funding comes from an existing shareholder rather than new investors or institutional sources might raise questions about the company's ability to attract fresh capital.
The diabetes care market, valued at
While the funding is positive news, it's important to note that Glucotrack is still in the development phase. The upcoming clinical trials will be a critical inflection point for the company. Success could potentially lead to partnerships or additional funding, while failure could significantly impact the company's future prospects and stock performance.
Investors should closely monitor the progress and results of the First in Human clinical trial, as well as any subsequent regulatory milestones, to better assess the company's long-term potential and risk profile.
Glucotrack's development of a Continuous Blood Glucose Monitor (CBGM) represents a potentially significant advancement in diabetes management. The company's claim of a "less burdensome approach to glucose monitoring" is intriguing, as patient compliance and quality of life are important factors in effective diabetes management.
Current CGM systems typically rely on subcutaneous sensors, which can be uncomfortable and require frequent replacement. If Glucotrack's technology can provide accurate, continuous monitoring with reduced patient discomfort or inconvenience, it could indeed be disruptive in the market.
However, it's important to note that the upcoming First in Human clinical trial is just the initial step in a long and rigorous process. The trial will need to demonstrate not only the safety of the device but also its accuracy compared to existing gold standard methods. Key metrics to watch for will include the Mean Absolute Relative Difference (MARD), which measures the accuracy of glucose readings and the longevity of the sensor.
Moreover, the regulatory pathway for novel glucose monitoring technologies can be complex. Glucotrack will likely need to conduct larger pivotal trials to gain FDA approval, a process that could take several years and require significant additional funding.
While the potential for a less invasive, more user-friendly CBGM is exciting, investors and the medical community should maintain a cautious optimism. The success of the First in Human trial will be a important indicator of the technology's viability and potential impact on diabetes care.
Rutherford, NJ, July 31, 2024 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a medical technology company focused on the design, development, and commercialization of novel technologies for people with diabetes, today announced that it has secured
“This year, we have made significant progress in the development of our groundbreaking Continuous Blood Glucose Monitor (CBGM) technology. This funding, by long-standing investor John Ballantyne, provides increased financial flexibility for the Company as we embark on human clinical trials for this less burdensome approach to glucose monitoring,” said CEO Paul V. Goode, PhD.
“Since my initial investment, the Company has undergone a significant evolution in its technology and focus. This has accelerated development of the innovative CBGM which has the potential to be disruptive in a large and growing diabetes market. I remain confident that the Company and its leadership team are well positioned to deliver strong clinical value to the diabetes community and meaningful value to the shareholder community,” said John Ballantyne.
For more information about Glucotrack’s CBGM, visit glucotrack.com.
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About Glucotrack, Inc.
Glucotrack, Inc. (NASDAQ: GCTK) is focused on the design, development, and commercialization of novel technologies for people with diabetes. The Company is currently developing a long-term implantable continuous blood glucose monitoring system for people living with diabetes.
Glucotrack’s CBGM is a long-term, implantable system that continually measures blood glucose levels with a sensor longevity of 2+ years, no on-body wearable component and with minimal calibration. For more information, please visit http://www.glucotrack.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “believe”, “expect”, “plan” and “will” are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, management. These statements relate only to events as of the date on which the statements are made, and Glucotrack undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated by Glucotrack will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Readers are cautioned that certain important factors may affect Glucotrack’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Glucotrack’s results include, but are not limited to, the ability of Glucotrack to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to the receipt (and timing) of regulatory approvals (including U.S. Food and Drug Administration approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to Glucotrack’s future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in Glucotrack’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on March 28, 2024.
Contacts:
Investor Relations:
investors@glucotrack.com
Media:
GlucotrackPR@icrinc.com
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