Deal Between Freedom Meditech and Battelle Could Lead to Breakthrough in Diabetes Management
Battelle, a leading R&D innovator, to advance non-invasive glucose monitoring technology
SAN DIEGO, CA AND COLUMBUS, OH (February 28, 2008) – Freedom Meditech, Inc., a developer of a proprietary non-invasive ocular glucose measurement technology for people with diabetes, today announced an agreement with Battelle to begin an initial phase of development for a device for use in Food and Drug Administration (FDA)-compliant pilot human clinical studies.
“The agreement with Battelle is a major milestone for Freedom Meditech as part of our plan to perform human clinical trials with our non-invasive ocular glucose measurement technology,” said Craig Misrach, President and CEO of Freedom Meditech. “We chose Battelle because of their long-standing relationship with leading life sciences companies and their proven ability to deliver innovative diabetes products from concept to the marketplace. This collaboration complements our additional research and development operations in southern California and in Toledo and Cleveland, Ohio.”
Under terms of the agreement, Battelle will perform various optical engineering and product design initiatives for Freedom Meditech’s planned FDA-compliant pilot human clinical studies. Financial terms were not disclosed. Freedom Meditech will support the collaboration with its existing engineering operations in California.
“Freedom Meditech is pursuing an important global market with its device and Battelle is well positioned to help them with its advanced engineering capabilities and experience in diabetes care products,” said Kevin Taylor, Director of Sales and Marketing for Battelle’s Medical Device Solutions Global Business Group. “In addition, our work with Freedom Meditech will further build our capabilities and experience base in diagnostic and ophthalmic devices, both growth areas for our Battelle’s Medical Device Solutions business.”
About Freedom Meditech, Inc.
Freedom Meditech, Inc. is a developmental stage medical device company currently focused on the commercialization of novel technologies for the management of diabetes. The company is currently developing a patented non-invasive ocular glucose measurement device that could provide an alternative to the current finger prick method of diabetes blood sugar measurement and monitoring. The consumer-ready product is planned to operate like binoculars with light being shined on one eye for less than a second and having a digital glucose reading displayed on the device.
The technology enables pursuit of a new method of non-invasive glucose measurement – a pursuit that has inherent advantages over other proposed solutions that have been heavily pursued the last 10 to 12 years. The technology is also a platform for potentially measuring other analytes and detecting and monitoring other diseases of the body that manifest throughout the eye. Freedom Meditech has secured just under $1,000,000 of angel and bridge financing since it commenced operations in December 2006.
In the U.S. there are about 20 million people with diabetes and another estimated 40 million with pre-diabetes. The World Health Organization estimates 180 million people live with diabetes worldwide today and will more than double by 2030. Currently, there is no non-invasive glucose measurement device approved by the FDA or actively sold or marketed. For more information, visit www.freedom-meditech.com.
Battelle’s Global Health and Life Sciences business delivers a comprehensive set of R&D services to solve complex challenges for government health agencies and medical device, biotechnology, and pharmaceutical firms. Including the national laboratories it manages or co-manages, Battelle oversees over $200 million annually in health and life sciences-research contributing to advances in medical devices, pharmaceuticals, public health, and next-generation diagnostics and therapeutics.
Battelle is the world’s largest non-profit independent research and development organization, providing innovative solutions to the world’s most pressing needs through its four global businesses: Laboratory Management, National Security, Energy Technology, and Health and Life Sciences. It advances scientific discovery and application by conducting $4 billion in global R&D annually through contract research, laboratory management and technology commercialization. Headquartered in Columbus, Ohio, Battelle oversees 20,400 employees in more than 120 locations worldwide, including seven national laboratories which Battelle manages or co-manages for the U.S. Department of Energy and the U.S. Department of Homeland Security.
For more information on Battelle, visit www.battelle.org or contact Media Relations Specialist T.R. Massey at 614-424-5544 or at firstname.lastname@example.org.
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