GLUCOTRACK SELECTS CIRTEC MEDICAL AS MANUFACTURER FOR ITS IMPLANTABLE CONTINUOUS BLOOD GLUCOSE MONITOR
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The announcement by Glucotrack, Inc. of their partnership with Cirtec Medical Corp for the manufacturing of their Continuous Blood Glucose Monitor (CBGM) represents a significant stride in diabetes management technology. The collaboration aims to leverage Cirtec's expertise in implantable medical devices to bring an innovative solution to a market with a high demand for non-invasive and long-term glucose monitoring systems. The CBGM's unique selling proposition lies in its sensor longevity of over two years and the absence of an on-body wearable component, which could lead to improved patient compliance and quality of life.
From a medical research perspective, the transition from preclinical studies in animals to first-in-human clinical studies is a critical phase. The success of these trials will be pivotal for Glucotrack's CBGM, as it will determine the device's efficacy and safety profile. The results will also impact the regulatory pathway and timeline for commercialization. Given the chronic nature of diabetes and the increasing prevalence worldwide, a successful implantable CBGM could disrupt the current market, which is dominated by traditional blood glucose meters and continuous glucose monitoring systems that require frequent calibration and/or sensor replacement.
Glucotrack's selection of Cirtec Medical as their manufacturing partner for the CBGM system may have a notable impact on the stock market, particularly within the medical device and healthcare sectors. Investors often view such partnerships as a positive indicator of a company's progression towards commercialization, which can lead to increased investor confidence and potentially drive up the stock price of the involved companies.
Moreover, the diabetes care market is a rapidly growing segment, with a global market size that is expected to continue expanding due to the rising prevalence of the disease and the growing need for innovative management solutions. The introduction of a new player with a potentially game-changing technology like Glucotrack's CBGM could capture a significant market share if the device proves to be reliable and cost-effective. It is important for investors to monitor the progress of the upcoming clinical trials, as positive outcomes could significantly enhance the company's valuation and market potential.
Financially, the development agreement between Glucotrack and Cirtec Medical is indicative of a strategic investment in the future of diabetes management. The upfront costs associated with the development and manufacturing of the CBGM will likely be substantial. However, if the device meets regulatory approval and achieves market penetration, the long-term return on investment could be considerable. The diabetes management market is highly lucrative and a successful implantable CBGM could lead to a new revenue stream for Glucotrack.
Investors should consider the risks associated with the development of medical devices, such as potential delays in clinical trials, regulatory hurdles and the challenges of scaling up manufacturing. These factors can affect the timeline for returns on investment. Nonetheless, the partnership with a reputable manufacturer like Cirtec Medical may mitigate some of these risks by ensuring high-quality production and adherence to regulatory standards. It is crucial to analyze the company's financial health and its ability to sustain the costs of long development cycles in the highly regulated medical device industry.
Rutherford, NJ & Brooklyn Park, MN, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK), a medical device company focused on the design, development, and commercialization of novel technologies for people with diabetes, today announced the selection of Cirtec Medical Corp, the leading medical device solutions provider of implantable therapies, as manufacturer for the implantable Continuous Blood Glucose Monitor (CBGM). The two companies have signed a development agreement for clinical and commercial manufacturing.
Glucotrack’s CBGM is a long-term, implantable system that continually measures blood glucose levels with a sensor longevity of 2+ years, no on-body wearable component and with a once-only calibration event. The company continues to reach significant milestones, such as the recently announced completion of its first preclinical study in animals.
“Cirtec is a leader in the design and manufacturing of implantable medical devices in the fields of neuromodulation, cardiology and drug delivery. They are a natural fit to be the manufacturer of our CBGM, which leverages their deep experience in implantable technologies and brings it to the diabetes market,” stated Paul Goode, PhD, CEO of Glucotrack. “Their expertise has already contributed extensively to our product design process, and we expect this relationship to accelerate the pace at which this technology becomes available for human clinical trials and then scalable for commercialization.”
Cirtec Medical is a vertically integrated, full-service outsource partner that provides state-of-the-art product design, development, and manufacturing services to a variety of medical device OEMs. Cirtec boasts over three decades of expertise in every phase of the product development lifecycle for complex medical devices. As part of the development agreement, the companies will collaborate to complete development and manufacturing activities to support the first-in-human clinical studies of the implantable CBGM, which are slated for later this year.
“Cirtec is proud to work with Glucotrack, further cementing our expanding role into implantable devices in the diabetes market,” stated Brian Highley, Cirtec CEO. “Our agreement capitalizes on Cirtec’s extensive expertise in implantable medical device design, development, and manufacturing and Glucotrack's innovation in CBGM. Together, we are committed to advancing technology solutions for people living with diabetes worldwide.”
For more information about Glucotrack’s CBGM, visit glucotrack.com.
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About GlucoTrack, Inc.
GlucoTrack, Inc. (NASDAQ: GCTK) is focused on the design, development, and commercialization of novel technologies for people with diabetes. The Company is currently developing a long-term implantable continuous glucose monitoring system for people living with diabetes. For more information, please visit http://www.glucotrack.com.
Investor Contact: investors@glucotrack.com
About Cirtec
Cirtec Medical is a vertically integrated, full-service outsource partner providing end-to-end product design, development, and manufacturing of Class III and II medical devices and components. Cirtec specializes and invests in today’s most advanced product technologies including neuromodulation, Smart Orthopedics, implantable drug delivery, cardiac rhythm management, ventricular assist, interventional devices and delivery systems. Cirtec has a global footprint with facilities in Brooklyn Park, MN; Chandler, AZ; El Coyol, Costa Rica; Enfield, CT; Santa Clara, CA; Lowell, MA; Sturtevant, WI; Rock Hill, SC; and Birkenfeld, Germany. Learn more at https://cirtecmed.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “believe”, “expect”, “plan” and “will” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect GlucoTrack’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect GlucoTrack’s results include, but are not limited to, the ability of GlucoTrack to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to GlucoTrack’s ability to maintain compliance with the Nasdaq Stock Market LLC’s continued listing requirements; risks relating to the failure to select or capitalize on the most scientifically, clinically or commercially promising or profitable product candidates, risks relating to the receipt (and timing) of regulatory approvals (including FDA approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to its current and future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in GlucoTrack’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 31, 2023.
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