Chrono Therapeutics Receives Investment from Rock Health to Advance SmartStopTM Smoking Cessation Technology
HAYWARD, Calif., March 3, 2015 /PRNewswire/ -- Chrono Therapeutics, a pioneer in digital drug products, today announced an investment by Rock Health, the leading seed fund in digital health, to support the advancement of Chrono's SmartStop™ programmable transdermal drug delivery system and real-time behavioral support program for smoking cessation.
Smoking kills more than 500,000 Americans each year, and is responsible for approximately one in five deaths in the United States. Of the 45 million smokers in the US, 70 percent report that they want to quit, according to the Centers for Disease Control, while 23 million try to quit each year. The average smoker will attempt to quit eight to ten times. Nicotine replacement therapy (NRT) is one method used to help smokers quit, but conventional NRT does not match craving cycles, leading to six-month efficacy of less than 20 percent.
SmartStop is a wearable device that offers programmable, transdermal nicotine replacement therapy (NRT) in combination with real-time behavioral support. Research shows that smokers have clear, consistent and predictable daily peak nicotine craving patterns. SmartStop is designed to automatically vary nicotine levels throughout the day to match those patterns. The device uses Bluetooth technology to wirelessly communicate with the SmartStop behavioral support mobile app, providing real-time guidance to help smokers cope with cravings as well as a means for promoting compliance to the NRT and overall quit process.
"Chrono Therapeutics is a leading digital health company developing a truly innovative approach to solve one of the world's most significant public health challenges–the global epidemic of smoking," said Malay Gandhi, Managing Director of Rock Health. "Chrono's SmartStop drug delivery system represents the type of next-generation product technology that Rock Health is seeking to identify and advance in order to significantly impact the future of healthcare. By adopting digital technology to deliver and target treatment along with guided coaching, SmartStop is designed to help smokers quit their addictive, life-threatening habit with a reliable, convenient and effective wearable device."
Rock Health will join Chrono's current investor syndicate, which includes Canaan Partners, 5AM Ventures, Fountain Healthcare Partners, Mayo Clinic and GE Ventures, all of whom participated in the Company's $32 million Series A financing announced in June of 2014.
"Chrono Therapeutics is developing a unique delivery method for nicotine replacement therapy with an automated wearable device integrated with real-time coaching support to help smokers effectively quit," said Alan Levy, Ph.D., CEO of Chrono. "Rock Health's mission is directly aligned with our vision of transforming disease and addiction management through digital health technology, and we're thrilled to have them onboard as an investor."
About Rock Health
Rock Health funds and supports startups building the next generation of technologies transforming healthcare. Find out more at www.rockhealth.com.
About Chrono Therapeutics
Chrono Therapeutics is a pharmaceutical company with a vision of transforming disease and addiction management to become the market leader in programmable passive transdermal drug delivery that offers real-time behavioral support. Chrono's executive leadership combines years of professional experience and personal passions for developing life-saving medical products. For more information, visit www.chronothera.com.
SOURCE Chrono Therapeutics