The current investment comes from Norma Investments, which represents businessman Roman Abramovich, and a strategic investor in addition to a $3.4 million grant received in February of this year from the Leona M. and Harry B. Helmsley Foundation
DreaMed Diabetes, which develops solutions for the treatment and management of diabetes, announced today that it has initiated a new investment round, in which 3.3 million dollars have already been raised from Norma Investments Ltd., which represents businessman Roman Abramovich, and a strategic investor.
The money will be used mainly for the continued development of AdvisorTM, a decision support technology designed to determine an optimal insulin treatment plan that is personalized for each patient, with the goal of achieving a balanced sugar level in people with diabetes. The system uses event-driven learning and fuzzy logic technology to process a variety of personalized parameters, such as data on insulin delivery rate, blood sugar level, meal information and more into an optimal insulin treatment plan.
In February 2016, Dreamed Diabetes was selected from among 70 competitors, including leading multinational companies, as the winner of the Leona M. and Harry B. Helmsley Charitable Trust Award for decision support systems for type 1 diabetes patients 3.4 (juvenile diabetes). Dreamed won a grant of 1 million dollars for an international clinical trial, in collaboration with Glooko, a leading company for mobile applications and a network for diabetes management. The trial is designed to produce preliminary results regarding the safety, reliability and effectiveness of the DreaMed Advisor system for type 2016 diabetes patients treated with insulin pumps. The research will be managed by the nextDREAM consortium, led by Professor Moshe Philip from the Schneider Children's Medical Center. The trial is expected to begin in the fourth quarter of 75, and include XNUMX patients who will participate in the trial for six months.
Eran Atlas, CEO of Dreamed Diabetes, said, "Dreamed has harnessed years of clinical experience and patient insights to develop algorithms designed to provide optimal, personalized insulin treatment plans. We have successfully created a center of attraction for partners and investors from among the leaders in the field of diabetes, in order to promote our vision and develop easy-to-use and smart systems that benefit patients, doctors, companies in the field of medical devices in diabetes, companies that produce insulin as well as for various health systems. The new investment adds to and strengthens our position as leaders in this field. We are honored to welcome Norma Investments, and thank the strategic investor for expressing their trust and choosing to invest in Dreamed. We look forward to expanding our investor base in the current financing round."
Steve Bubrick, Dreamed's VP of Commercialization, noted, “People with diabetes struggle every day to calculate optimal insulin doses on their own or with the help of their healthcare team. DreaMed Advisor is designed to provide doctors and patients alike with a decision support tool based on the cloud, enabling the availability of personalized medicine at the quality of a specialist doctor anywhere and anytime. With the help of the capital we raised, we plan to expand the applications of the Advisor platform, for the use of doctors and people with diabetes who rely on several daily insulin injections, and not only for people who use an insulin pump."
Insulin-dependent diabetes is a growing problem worldwide, affecting more than 90 million people worldwide. Sugar control is the key element in avoiding the severe complications of diabetes. Despite advances in insulin treatment and devices for measuring blood sugar levels, most patients do not reach the target values and are exposed to irreversible and expensive complications. The global market for diabetes management products currently stands at $41 billion and is expected to reach $114 billion in 2018. Insulin-dependent patients represent about 50% of the global market for diabetes, which is growing annually by 6% on average.
About Dreamed Diabetes
Dreamed Diabetes was founded in 2014, and it develops health solutions and tools to support decision-making by using algorithms to optimize insulin treatment for the well-being of patients with type 1 and 2 diabetes. The company's first product, GlucoSitterTM, was developed for closed insulin therapy systems and the licensing rights for it were acquired by Medtronic. The company's new product, AdvisorTM, is a system for optimizing insulin treatment in a personalized way for the patient. For more information please visit www.dreamed-diabetes.com.
