Israeli medical startup, NanoVation, has been awarded a €2.5 million grant as part of the European Union’s Horizon 2020 EIC Accelerator program.
The funding will support the startup in developing SenseGuard, a new respiratory monitoring device, based on its proprietary nano-sensor technology.
WHY IT MATTERS
SenseGuard is a wireless wearable medical device for continuous monitoring of patients' breathing, based on the startup’s nano-based respiratory sensor. It measures lung-function from patients’ regular breathing without the need for cooperation.
The device has gone through clinical trials and received CE marking. It is currently being deployed in hospitals in Israel and the EU for further clinical research of its capabilities.
The device targets monitoring and management of patients with respiratory conditions such as chronic obstructive pulmonary disease (COPD).
COPD was cited as the third leading cause of death in the world by the World Health Organisation, with approximately 328 million people worldwide classified as suffering from it.
THE LARGER CONTEXT
Meanwhile, Australia’s ResApp, which creates smartphone apps for the management of respiratory diseases, raised $5 million to drive forward European commercialisation.
Kaia Health, which creates treatments for COPD, also announced a $26 million Series B funding last month.
ON THE RECORD
Dr Gregory Shuster, CEO and co-founder of NanoVation, said: “Lung function changes indicating a worsening condition can appear up to three weeks before reaching an acute state that often leads to hospitalisation and a lengthy rehabilitation. The residual lung damage will impair quality of life, or in the worst-case lead to death.”
“Our pioneering device aims to enable identification of the early signs of deterioration in lung function, and enables early treatment," noted Shuster.
"The cost of preventive intervention and treatment ranges from tens to hundreds of dollars, while they minimise unnecessary hospitalisations, which would cost between $10,000 and $40,000 for an individual in the US and between €3,000 and €10,000 in Europe, and translate into billions of dollars annually for the entire health system.”
Dr Shuster added: “The Horizon 2020 Program grant is a strong vote of confidence in NanoVation and will help us dramatically reduce the clinical and economic burden of COPD and other respiratory diseases."