Wearable sensor developer MC10 said this week it inked a collaborative deal with LabCorp that included an equity investment of an undisclosed amount.
Through the collaborative deal, Lexington, Mass.-based MC10 said that LabCorp will use MC10s proprietary sensor technology for its Covance Drug Development business in clinical trials and research studies, with the possibility of adapting it for use in patient testing and monitoring.
MC10 produces the BioStamp sensor, released last March, which is designed as wearable sensors that collect and transmit biometric data.
The companies said they are hopeful that MC10s sensor technology could be used to to open up trial participation to more subjects and provide more precise information during treatments.
“Our collaboration with LabCorp focusing first on Covance, will accelerate the delivery of MC10’s innovative digital health solutions to our shared customer base in the pharmaceutical industry. We are optimistic for the growing portfolio of projects that will leverage LabCorp’s differentiated diagnostic expertise and MC10’s medical-grade wearable systems to advance our mission of reshaping healthcare with digital solutions,” MC10 corporate dev VP Ben Schlatka said in a prepared statement.
MC10 said that as a start to the collaborative deal, LabCorp’s Covance will support the adoption of the BioStamp system in research studies which necessitate mobile monitoring of patients.
“LabCorp is very excited about the potential applications for MC10’s BioStamp technology in clinical trials and research. We are confident that our collaboration with the great team at MC10 will help to bring new medicines to patients faster, advancing our mission to improve health and improve lives,” Covance chief development officer William Hanlon, Ph.D said in a prepared statement.