A pair of venture capital firms have led a $32m investment in a company offering behavioural support for smokers looking to break the habit.
Canaan Partners and 5AM Ventures led the Series A round in US-based Chrono Therapeutics, with Fountain Healthcare Partners, Mayo Clinic and GE Ventures also taking part.
California-based Chrono said the funds will be used for product development and clinical studies for SmartStop, which delivers drugs and behavioural support for people looking to stop smoking.
Canaan general partner Wende Hutton, 5AM general partner Jim Young and Fountain’s Aidan King of Fountain will join Chrono’s board of directors as part of the financing.
GE Ventures managing director Leslie Bottorff, said, “Chrono Therapeutics is paving the way for personal monitoring in healthcare through the creation of the SmartStop integrated digital solution. Their technology is only just beginning.”
SmartStop uses a transdermal drug delivery system and real-time behavioural support to help smokers quit. It aims to do this with a wearable device that delivers programmable nicotine replacement through the skin to coincide with craving cycles at different levels throughout the day.
In January 2012, Advent Life Sciences led a £2m Series A round for CN Creative, a business producing electronic inhalers, also using nicotine replacement therapy.
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