PETAH TIKVA, Israel, July 25, 2016 /PRNewswire/ -- DreaMed Diabetes, developer of diabetes treatment and management solutions, announced today that it initiated a new investment round, out of which it has already raised $3.3 million from Norma Investments Limited, representing businessman Roman Abramovich, and a strategic investor.
The funds will be used mainly for the further development of Advisor™, the Company's decision support technology platform for determining the optimal patient-specific insulin treatment plans leading to balanced glucose levels in people with diabetes. The system uses event-driven machine learning and fuzzy logic technology in order to process multiple personalized parameters, such as insulin delivery data, glucose readings, meal data and more into an informed and optimized insulin dosing treatment plan.
In February 2016, DreaMed Diabetes was selected from amongst 70 applicants, including leading multinational companies, as the winner of the Leona M. and Harry B. Helmsley Charitable Trust Award for the Type 1 Diabetes Decision Support Initiative. DreaMed was awarded a $3.4 million grant towards an international clinical study, along with Glooko, a leader in mobile and web applications for diabetes management, to generate preliminary data on the safety, reliability and efficacy of the DreaMed Advisor system for Type 1 diabetes patients treated with insulin pumps. The study will be conducted by the nextDREAM consortium and led by Professor Moshe Phillip of Schneider Children's Medical Center of Israel. It is expected to start in the fourth quarter of 2016 and will include 75 patients who will participate in a six months study.
"DreaMed has harnessed years of clinical expertise and patient specific insights to develop algorithms designed to deliver real time optimal patient specific insulin treatment plans," said Eran Atlas, CEO of DreaMed Diabetes. "We have successfully attracted partnerships and investments from leaders in diabetes healthcare to further our mission of creating easy-to-use and intelligent systems that are actionable for patients, healthcare providers, pharmaceutical companies and payers. The new investment will further bolster our leadership position in this area. We are honored to welcome Norma Investments, and are gratified with the vote of confidence by the strategic investor, which has chosen to invest in DreaMed. We look forward to further broadening the base of our investors in this funding round of financing."
Steve Bubrick, Chief Commercial Officer of DreaMed Diabetes, stated, "People with diabetes struggle on a daily basis to optimize their insulin therapy on their own or with the advice of their diabetes care team. DreaMed Advisor is designed to offer the physician, as well as the patient, a cloud-based decision support tool delivered at the speed of life. With the funds raised, we plan to broaden the Advisor platform's application for the use of physicians and people with diabetes who rely on multiple daily injections, as well as insulin pump users."
About Glucose Control
Insulin dependent diabetes is an enormous and growing global health problem, with a prevalence of more than 90 million people worldwide. Glucose control is the primary factor in avoiding the devastating complications of diabetes. In spite of advancement in insulin therapy and devices for glucose measurement, most patients do not achieve their target glucose control and are exposed to permanent and costly complications. The global market for products for the management of diabetes currently stands at $41 billion and is estimated to grow to over $114 billion by 2018. Insulin-dependent patients represent approximately 50% of the multi-billion dollar global diabetes market, which increases in size by an average annual rate of about 6%.
About DreaMed Diabetes
Founded in 2014, DreaMed Diabetes develops health solutions and decision support tools using algorithms for the optimization of intensive insulin therapy for the benefit of people with Type 1 and Type 2 diabetes. The Company's first product, GlucoSitter™, was developed for closed-loop insulin therapy and was licensed to Medtronic. The Company's latest product, Advisor™, is a system for the optimization of patient specific intensive insulin therapy decisions. For more information please visit www.dreamed-diabetes.com.
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SOURCE DreaMed Diabetes