Common Sensing raises $6.6 Million in a new funding round
The company plans to utilise these funds to accelerate manufacturing of Gocap™, a smart insulin pen cap that helps patients and care providers to track, log and manage injectable dosage and timing.
Monitoring the dosage of injectable medicines is a challenge for care providers who generally have no clue how their patients are utilising the prescribed medicines.
US-based Common Sensing, the developer of smart cap for insulin pens, has secured $6.6 million in Series A funding round led by Waterline Ventures along with the participation of New World Health, Royal Philips and Haselmeier. The company will use these funds to scale the manufacturing and commercial operations of Gocap™, an IP-protected system that monitors doses for any injectable medicines such as insulin, growth hormones, fertility medicines etc.
The company, founded in 2012, is the brainchild of MIT students James White and Richard Whalley.
The smart pen cap has the capability of tracking, logging, monitoring and managing the dosage timing and storage. It helps the providers to know how the patients use medicine to treat conditions that often require optimal injectable dosage.
“Gocap is revolutionizing the way people prescribe and use injectable medicines like insulin,” said James White, co-founder and President of Common Sensing. “When a person is prescribed insulin, that injection is the most important daily step they take to better health outcomes. And yet, most care teams have no visibility into how their patients are using insulin and many patients are missing critical feedback about their care – Common Sensing closes this information gap for both patients and care teams with its new technology.”
Via the Gocap app, the injectable medicine management is simplified by the use of data-driven services of the connected device including remote disease management, pharmaceutical support, automatic refills, dose titration, and caretaker collaboration.
“Gocap is a truly innovative solution to achieve better outcomes with injectable medicines. As a clinician, I encountered firsthand the difficulties of managing diabetes due to the lack of information regarding insulin dosing and administration. Consequently, patients suffer from devastating effects, including heart disease, stroke, renal failure, and neuropathies,” said Edward Lung, MD, MPH, a managing partner at New World Health.
This is just one application where the Gocap platform can transform the field of medicine. New World Health is thrilled to join Common Sensing in trying to enable better healthcare delivery with injectable medicines.
We see this as a novel approach to an unmet need. This is the first step of a great leap for the injectable drug market.
“This financing allows us to launch the commercial activities and manufacturing operations necessary to support our growing customer base,” said Kevin Schmid, Chief Operating Officer of Common Sensing. “I’ve seen the impact that precision insulin dosing can have on the lives of people with diabetes, and it’s time to put that capability into millions of hands.”
Sanofi and Innovation Health have recently announced to use the device for a pilot program. Sanofi had also participated in the clinical trial of the device last year along with Joslin Diabetes Center and Dexcom.
Image credit: www.gocap.me