Chrono Therapeutics raises $32 million in funding
Chrono Therapeutics is known for developing wearable devices that helps people stop smoking. Chrono Therapeutics has raised $32 million in funding led by Canaan Partners and 5AM Ventures. Fountain Healthcare Partners, Mayo Clinic and GE Ventures also participated.
Chrono Therapeutics’ product resembles a watch that works like a nicotine patch by delivering addictive stimulant in tobacco through the skin. The device varies nicotine levels throughout the day to match craving patterns.
SmartStop connects to mobile apps through Bluetooth. It lets users set up personalized profiles and can provide encouraging notifications at peak craving times. Chrono is developing versions of the device that can be worn as a torso patch or an armband.
“Smoking costs people their health and eventually their lives, but current technologies like nicotine gums and patches are not effective in enabling smokers to quit permanently because they do not address the cyclical nature of nicotine cravings and offer little to no behavioral support,” said Chrono CEO Alan Levy in a statement.
Chrono has to complete clinical trials that proves that the product is effective. Chrono will be using the funding for product development and for clinical trials.