Chrono Raises $47.6M Series B Financing
News Sep 13, 2016
Chrono Therapeutics announced that it has closed a $ 47.6 million Series B financing. The round was led by Kaiser Permanente Ventures and included investments by Endeavour Vision, Xeraya Capital Labuan Ltd, Asahi Kasei, Emergent Medical Partners, Hikma Ventures, Cota Capital, and Mission Bay Capital. Chrono will use the funding to advance the clinical development of its smoking cessation platform and investigate other applications that can leverage its personalized drug therapy platform. In association with the financing, Liz Rockett, Director of Kaiser Permanente Ventures, was named to Chrono Therapeutics’ board of directors. Existing investors including Canaan Partners, 5AM Ventures, Fountain Health care Partners, GE Ventures, and Mayo Clinic participated in the round.
“Chrono Therapeutics’ platform has the potential to more effectively address nicotine addiction, a leading cause of death and illness around the world and a significant public health challenge,” said Rockett. “According to the CDC, over forty percent of smokers try to quit each year, only a fraction of them succeed. We expect our investment to help Chrono achieve its mission to dramatically improve the tools that help people quit smoking.”
Chrono’s platform combines biologically - timed drug delivery, embedded sensor technology to monitor compliance, and connected and personalized behavior change support. The platform’s first application tackles smoking cessation. Timed delivery of medication may offer benefits for other indications, including opioid addiction, Parkinson’s disease, and pain management.
“We have made tremendous progress in developing our technology to help people quit smoking, one of the lowest cost ways to improve health and reduce healthcare costs,” said Alan Levy, Ph.D., chairman and CEO of Chrono. “This financing will bring us closer to commercializing our system for smoking cessation and also enable us to dive more deeply into other applications where we can make a major impact and save lives.”