Cellnovo develops and markets a mobile, connected insulin pump system that pairs a touchscreen controller with an integrated blood-glucose meter for real-time data transmission and remote monitoring. The company is participating in multiple Artificial Pancreas projects (with Diabeloop, TypeZero and Horizon 2020) to develop automated insulin delivery systems. To support scaling, Cellnovo concluded a loan agreement with the European Investment Bank to aid its transition to full industrial-scale operations. The financing is intended to improve the Cellnovo System’s design to reduce production costs, add production lines, and fund multi-centre clinical trials of artificial pancreas solutions. The company signed the agreement in Paris on July 7, 2017; Sophie Baratte is the company’s CEO. Cellnovo is listed on Euronext (Compartment C, ISIN FR0012633360, Ticker CLNV). Cellnovo markets a compact, tubeless insulin pump system comprising a mobile touchscreen controller with an integrated blood‑glucose meter and automatic data transmission for remote monitoring by family and healthcare professionals. The company emphasizes drop‑by‑drop insulin delivery precision and patient freedom of movement. Over the first nine months of 2016 Cellnovo reported revenues of €1.054 million, €301,218 in Q3, shipped 68 new devices in Q3 and has sold 520 systems since launch. In Q3 2016 it raised circa €5.4 million via a capital increase and had a cash position of €15.6 million as of September 30, 2016. Net proceeds are being used to finance its artificial pancreas project from development through preparation for commercial launch, initially in Europe. Operationally it has limited new patient additions since Q2 to complete industrialisation of the consumable insulin cartridge and has not fulfilled all orders while ramping manufacturing capacity. Cellnovo develops a mobile-connected disease management system for people with diabetes. Led by CEO Bill McKeon, the company has built a mobile-connected micropump, a mobile touchscreen controller, a blood glucose meter and supporting applications. The system offers intuitive operation, wireless Internet connectivity and real-time activity tracking to remove the burden of keeping journals and to provide healthcare professionals with a real-time view of patient data. Cellnovo bundles hardware and software into an integrated diabetes management approach. The company intends to use the proceeds of its Series B financing to commercialize the system and expand into markets worldwide. It recently raised £30m in a Series B.

Total raised

$77M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Jul 2017