| Management
Ray Krauss, CEO
Matthew Schurman, Ph.D., VP Engineering
Employees
4
Industry
Healthcare/medical device-diagnostics
Finance
Financing Sought
$2.5M - Series B
Use of Funds
Working capital
Clinical trials
Product development
Current Investors
Private Investors
Financing to Date
$160K
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Company Description
GlucoLight Corporation is developing a low-cost non-invasive blood glucose monitor for home use by diabetic patents. GlucoLight's unique optical approach, microScatterTM (microscatter) technology, is based on patented technologies in the area of Optical Coherence Tomography (OCT) and Low Coherence Interferometry (LCI). There is a working prototype with published clinical data on healthy volunteers.
Business Strategy
GlucoLight will commercialize microScatter technology for blood glucose monitoring by licensing to major pharmaceutical and medical technology companies with existing market presence. microScatter based packaged chip assemblies, manufactured with high volume, low cost semiconductor fab processes, will form the sensor and signal-processing heart of these non-invasive glucose monitors. GlucoLight will provide the key optical chips to these marketing partners, leaving the final external monitor design (size, color, user interface) for those partners to optimize for the needs of their end markets.
Product/Service
Our first product (late 2005) will be a "PDA size" non-invasive glucose monitor. We will submit this device to the FDA for market clearance as an example for our corporate partners. In the future, our second generation product version will be the size of a large sports watch and will provide continuous glucose monitoring.
Technology/Special Expertise
Technology license agreement with University of Texas (1 patent pending). Three provisional patents filed by GlucoLight. Founder/CEO is a serial entrepreneur with 20+ years experience in medical device development; 10 years in executive positions with Johnson & Johnson and 4 years COO, Summit Technology. Summit achieved a market cap of > $1B. Technical team has expertise in micro-optics, micro-electronics & semiconductor packaging.
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Target Market
There are currently 17M diabetic patients in the USA and the Word Health Organization predicts there will be 34M diabetics in the USA by 2025. The blood chemistry test strip domestic market is $2.4B/year.
Competition
This large market opportunity continues to attract significant interest from many companies. In an effort to make glucose testing easier and less painful, many approaches, both invasive and non-invasive, are being pursued. On the non-invasive side, several technologies have been investigated over the years (optical and non-optical), none of which has proven accurate and reliable enough to receive FDA clearance. Only one minimally invasive product not based on the traditional lancet technology has recently made it to market: the GlucoWatch (Cygnus, Inc.). GlucoLight's technology has been demonstrated in human trials.
Bank
PNC Bank
Auditors
None
Law Firm
Gunderson DetTMer - corporate
Lowenstein Sandler - patents
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