RSP Systems said today it won a $2.7 million (EU €2.4 million) grant to support the commercial launch of its GlucoBeam non-invasive glucose monitor.
The grant comes as part of the European Union’s Horizon 2020 framework, which aims to support research and innovation, the Denmark-based company said.
“This grant is our reward for consistently focusing on the fundamental challenges of applying Raman Spectroscopy for the quantitation of analytes in living tissue. The last leg of the journey is to productize our GlucoBeam prototype for market introduction as soon as possible. The Horizon grant is both a great facilitator to achieve our goals and, due to the strict selection process we have undergone, a strong endorsement of our company and technology,” founder & CTO Stefan Banke said in a prepared release.
The GlucoBeam is designed as a non-invasive glucose monitor for diabetic patients, based around critical depth raman spectroscopy, the company said. Funds from the round will go to aid in preparation for market entry as well as reinforcing quality assurance, regulatory affairs and product and business development.
“This vital grant will help to overcome the biggest issue in glucose monitoring: compliance. For patients to finally be able to measure their glucose levels using the non-invasive GlucoBeam will be a real breath of fresh air. With the completion of a commercial product aided by Horizon 2020, we can now identify the best path to the best partners to make GlucoBeam broadly available to patients in the European and later global markets,” CEO Dr Anders Weber said in a press release.
In July, RSP Systems said it raised $5.1 million (EU €4.6 million) in a Series A funding round to support its GlucoBeam glucose monitor.
The round was led by Dr. Roland Berger, who will be joining the company as a member of its board, and the round was joined by all of the company’s present investors, RSP Systems said.