Milestone Payment for Glucose Monitoring System
By HospiMedica staff writers
Posted on 12 Jan 2001
SpectRx, Inc. (Norcross, GA, USA) has received a US$2 million payment from Abbott Laboratories (Abbott Park, IL, USA) for the development of a continuous glucose monitoring device for people with diabetes. The payment was related to establishing the feasibility of the SpectRx continuous monitoring technology.Posted on 12 Jan 2001
The SpectRx technology measures glucose levels in interstitial fluid (ISF) rather than in blood. A stream of ISF is collected through an array of microscopic holes or micropores created with a laser in the outer layer of the skin, and measured in a patch containing a glucose sensor. Prototypes of the device, which would eliminate the need for fingerstick tests, have shown the capability of providing readings once a minute. More frequent monitoring results in better disease management.
Under a 1999 agreement, Abbott has exclusive worldwide marketing rights to SpectRx's monitoring technology in return for an equity investment in SpectRx, milestone payments, and cooperative research and development. SpectRx will receive a royalty on sales of disposables and has the option to manufacture the devices for Abbott. The technology is being developed with Abbott Laboratories, MediSense Products.
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