Provided by The Plain Dealer
Written By Mary Vanac
Northeast Ohio venture developer JumpStart Inc. has committed to invest $380,000 in Freedom Meditech Inc., developer of a non-invasive device that measures blood glucose levels in diabetic patients.
JumpStart’s investment is part of a Series A round of venture capital money expected by Freedom Meditech, the San Diego company that started doing research and development for its device in Cleveland early this year. The amount of the Series A investment round was not disclosed.
Freedom Meditech plans to use the venture capital to complete pre-clinical studies of its device and to create a second-generation prototype for use in a pilot human clinical study, JumpStart said in a written release.
Freedom Meditech’s device, which measures blood glucose levels by shining light in a patient’s eye, is partly based on patented technology developed at the University of Toledo. The company has a product development services agreement with MAGNET, the Manufacturing Advocacy and Growth Network in Cleveland.
The company also has research and development relationships with Battelle, the Cleveland Clinic’s Cole Eye Institute, BioEnterprise, LNE Group and BioOhio, according to JumpStart.
Freedom Meditech’s device promises to be a non-invasive alternative to the traditional finger-prick method for diabetic patients who want to measure their blood sugar, said Kevin Mendelsohn, entrepreneur-in-residence at JumpStart who will work with the company.
“Freedom Meditech’s technology has the promise to solve a critical unmet medical need and improve the standard of living for millions of patients throughout the world,” Mendelsohn said.