NEW YORK, Sept. 29, 2016 /PRNewswire/ -- QuiO (kwee-oh), a digital healthcare company developing smart injection devices and connected cloud-based software for the clinical trial and chronic disease market, today announced the closing of a $1.05 million seed round. The round was led by undisclosed investors with expertise in the health insurance, pharmaceutical and clinical research industries.
Medication non-adherence poses significant clinical and economic problems to healthcare systems globally, especially involving chronic disease patients who must self-inject at home. The internet of medical things (IoMT) has shown success in addressing the issue, including inhaler sensors, connected pill bottles, and other adherence monitoring devices. However, patients taking injectable therapies do not have access to such tools today, and average adherence rates can be as low as 50%. Poor adherence to injectable therapies results in over $14 billion in avoidable medical costs and $22 billion in lost pharmaceutical revenue each year in the United States alone.
"With over 15 million Americans prescribed an injectable therapy today, we see a large and growing need for a comprehensive drug delivery and adherence monitoring solution," says Alex Dahmani, co-founder and CEO of QuiO. "Injectable therapies, including biologics and biosimilars, represent the future of medicine, making up nearly half of the pharmaceutical pipeline. These are amazing therapies, and our technology is designed to help them reach their full potential. We may even help move cancer therapies out of the clinic, enabling patients to safely treat themselves at home."
QuiO is developing the first real-time adherence monitoring solution for injectable therapies. The solution is powered by a fully connected drug delivery device platform. The company's SmartinjectorTM devices are designed to make self-injection easy and reliable for patients, preventing common mistakes and ensuring the full dose is delivered. Each SmartinjectorTM records injection performance, and wirelessly communicates data to the company's cloud-based software platform. The HIPAA-compliant platform includes a secure web dashboard with analytics and communication tools that enable caregivers to remotely monitor dosing activity and deliver timely support to patients in need. The platform also collects data from 3rd party devices, including weight scales, activity trackers and glucose meters, providing a holistic and continuous view of each patient's health outside of the clinic.
Competing wireless injection devices require additional hardware and extensive setup and syncing, which may limit their applicability, burden the patient and compromise the data generated. SmartinjectorTM devices are fully connected, enabling real-time wireless data transmission without any patient input, smartphone or syncing required.
This investment round will help QuiO finish development of its lead SmartinjectorTM device, which leverages a propriety design for accepting all of the most common syringes and delivering even the most sensitive and viscous biologics. The company is preparing for pilots and a 510(k) submission.
Founded in 2014, QuiO is a digital healthcare company developing smart injection devices and connected software for monitoring, engaging and supporting patients taking injectable therapies. The company's proprietary SmartinjectorTM device platform includes reusable, disposable and wearable injection devices. Every SmartinjectorTM device is designed to fit seamlessly into the patient's existing routine, without any setup, smartphone or syncing required. Each device is fully connected for real-time wireless communication with a HIPAA-compliant cloud-based software platform, which includes a dashboard for remotely tracking the health status of patient populations using data from in-home devices.
To learn more about QuiO, please visit www.quio.com.
Alex Dahmani, Co-founder & CEO
+1 (646) 600-9979