Abbott Now Funding Spectrx Glucose Monitor

The financial responsibility for the continuous glucose monitoring product being developed by Spectrx, Inc. (Norcross, GA, USA) has been assumed by its partner, Abbott Laboratories (Abbott Park, IL, USA), as planned. Previously, Spectrx had been funding part of the research and development program.

Meanwhile, Spectrx continues its research, engineering, and clinical testing activities on the monitor and expects to receive a US$2 million milestone payment from Abbott before August 31. This will be in the form of an equity investment in Spectrx common stock, of which Abbott already owns 5.9%. Under a 1999 agreement, Abbott has exclusive worldwide marketing rights to Spectrx's glucose monitoring technology. Spectrx will receive a royalty on sales of disposables and has the option to manufacture monitoring devices for Abbott.

The continuous glucose monitoring sensor being developed is worn on top of the skin. A stream of interstitial fluid is collected through an array of microscopic holes created with a laser in the outer layer of skin and this is measured in a patch containing a glucose sensor. The system would eliminate the need for fingerstick blood tests by diabetes patients.

"We believe that our partnership with Abbott will expedite the development of a valuable new tool to help people with diabetes around the world manage their glucose levels, and as a result, have a better quality of life,” said Mark A. Samuels, chairman and CEO of Spectrx.




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