GLUCOTRACK ANNOUNCES NEW FUNDING FOR DEVELOPMENT OF ITS CONTINUOUS BLOOD GLUCOSE MONITOR
Rutherford, NJ, July 31, 2024 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (NASDAQ:GCTK) ("Glucotrack" or the "Company"), a medical technology company focused on the design, development, and commercialization of novel technologies for people with diabetes, today announced that it has secured $4M in funding from its leading shareholder to support the upcoming First in Human clinical trial.
"This year, we have made significant progress in the development of our groundbreaking Continuous Blood Glucose Monitor (CBGM) technology. This funding, by long-standing investor John Ballantyne, provides increased financial flexibility for the Company as we embark on human clinical trials for this less burdensome approach to glucose monitoring," said CEO Paul V. Goode, PhD.
"Since my initial investment, the Company has undergone a significant evolution in its technology and focus. This has accelerated development of the innovative CBGM which has the potential to be disruptive in a large and growing diabetes market. I remain confident that the Company and its leadership team are well positioned to deliver strong clinical value to the diabetes community and meaningful value to the shareholder community," said John Ballantyne.
For more information about Glucotrack's CBGM, visit glucotrack.com.
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About Glucotrack, Inc.
Glucotrack, Inc. (NASDAQ:GCTK) is focused on the design, development, and commercialization of novel technologies for people with diabetes. The Company is currently developing a long-term implantable continuous blood glucose monitoring system for people living with diabetes.
Glucotrack's CBGM is a long-term, implantable system that continually measures blood glucose levels with a sensor longevity of 2+ years, no on-body wearable component and with minimal calibration. For more information, please visit http://www.glucotrack.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "believe", "expect", "plan" and "will" are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, management. These statements relate only to events as of the date on which the statements are made, and Glucotrack undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated by Glucotrack will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Readers are cautioned that certain important factors may affect Glucotrack's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Glucotrack's results include, but are not limited to, the ability of Glucotrack to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to the receipt (and timing) of regulatory approvals (including U.S. Food and Drug Administration approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to Glucotrack's future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in Glucotrack's filings with the U.S. Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on March 28, 2024.
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