Freedom Meditech Presents Data Showing Benefits Of Non-Invasive Diabetes Screening And Glucose Monitoring In The Eye At London Conference
People with diabetes or who are at risk of developing the disease - now estimated at over 400 million globally - could reduce complications, improve quality of life and reduce healthcare costs by using new non-invasive technology to screen for and monitor the illness, according to a presentation by Freedom Meditech at the 6th Annual Diabetes and Diabetic Retinopathy Conference in London, England.
"We believe that our proprietary technologies, which non-invasively measure changes in the eye to detect and monitor diabetes, could identify the presence of the disease earlier, and once found, reduce the pain and inconvenience barriers currently required to maintain optimal glycemic control," said Craig Misrach, President & CEO of Freedom Meditech. "Early disease detection and maintaining tight glucose control are two important keys to reducing the proliferation and associated costs of diabetes complications such as diabetic retinopathy, macular degeneration, and blindness."
According to the American Diabetes Association, diabetes complications directly attribute to over $120 billion in excess medical expenditures in the United States annually.
Freedom Meditech is developing two products that non-invasively scan the eye with light to screen for diabetes and monitor glucose levels. The diabetes screening product, which targets an estimated $2 billion untapped market, is designed for use by ophthalmic care practitioners - a market entry point where diabetes can first present in patients. In clinical studies, the device has demonstrated the ability to detect diabetes rapidly, without a blood draw, and before complications become advanced. The company's glucose monitoring technology targets a $10 billion market and is designed as a handheld device that a person with diabetes gazes into for a reading. Both devices are in the development stage.
Recent Freedom Meditech Milestones
Mr. Misrach also highlighted several product development and corporate milestones achieved in quarter ending December 31, 2009 and early 2010. Those include:
- Completion of the largest round of financing in the company's history.
- Signing another engineering and product development services contract with Battelle Memorial Institute (Columbus, Ohio).
- Commencement of the company's in-house diabetes screening product beta design (and transfer to manufacturing) program.
- The Company was named 1 of the 25 Most Intriguing Startup Companies in the World in the November 24, 2009, issue of Business Week magazine.
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