|SmartStop smoking cessation system--Courtesy of Chrono Therapeutics|
Chrono Therapeutics got a fresh infusion of cash from Rock Health to support development of its programmable monitoring system for smoking cessation.
The Hayward, CA-based company roped in $100,000 from Rock Health, bringing its total funding to about $32.1 million, MedCity News reports. Chrono in June brought in $32 million in Series A funding to complete development and clinical studies for its SmartStop system, with existing investors such as Canaan Partners, 5AM Ventures, Fountain Healthcare Partners and two strategic investors, GE Ventures and the Mayo Clinic, contributing funds.
The company's SmartStop device delivers nicotine replacement therapy (NRT) through the skin and is coupled with real-time behavioral support to help individuals stop smoking. Smoking kills more than 500,000 Americans each year and is responsible for one in 5 deaths in the U.S. NRT can help smokers quit, but traditional therapy does not always match craving cycles and results in low efficacy rates, the company said in a statement.
Chrono's product varies nicotine levels throughout the day to match craving patterns, and uses Bluetooth technology to provide real-time support to users through a mobile app.
Rock Health's investment bodes well for the company, as it continues to make headway with its smoking cessation device. Chrono plans to use the funds toward clinical trials of SmartStop, aiming for FDA clearance for its product by 2017, MedCity News reports.
"Chrono 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," Chrono CEO Alan Levy said in a statement. "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."
But Chrono is not the only company developing smoking-cessation products. In 2012, CN Creative reeled in $3.1 million in financing to develop its electronic inhaler NRT device to help patients kick their smoking habit. The company's hand-held Nicadex device runs on lithium battery power and provides a pharmaceutical-grade nicotine solution through a vaporizer. Selecta Biosciences, a 2011 Fierce 15 winner, moved its smoking-cessation vaccine through Phase II clinical trials, winning backing from the U.S. National Institutes of Health.
- here's Chrono's statement
- read the MedCity News story