CyberTECH member QuiO (kwee-oh), a San Diego-based digital healthcare company developing smart injection devices and connected cloud-based software for the clinical trial and chronic disease market, announced the closing of a $1.05 million seed round.
The round was led by undisclosed investors with expertise in the health insurance, pharmaceutical and clinical research industries.
Medication non-adherence poses significant clinical and economic problems to healthcare systems globally, especially involving chronic disease patients who must self-inject at home.
The internet of medical things (IoMT) has shown success in addressing the issue, including inhaler sensors, connected pill bottles, and other adherence monitoring devices.
However, patients taking injectable therapies do not have access to such tools today, and average adherence rates can be as low as 50%. Poor adherence to injectable therapies results in over $14 billion in avoidable medical costs and $22 billion in lost pharmaceutical revenue each year in the United States alone.
“With over 15 million Americans prescribed an injectable therapy today, we see a large and growing need for a comprehensive drug delivery and adherence monitoring solution,” said Alex Dahmani, co-founder and CEO of QuiO.
“Injectable therapies, including biologics and biosimilars, represent the future of medicine, making up nearly half of the pharmaceutical pipeline,” said Dahmani. “These are amazing therapies, and our technology is designed to help them reach their full potential. We may even help move cancer therapies out of the clinic, enabling patients to safely treat themselves at home.”
QuiO is developing the first real-time adherence monitoring solution for injectable therapies. The solution is powered by a fully connected drug delivery device platform.