HANGZHOU, China, May 18, 2021 /PRNewswire/ -- Dinova Medtech, a highly specialized medical device innovation hub, with Ascendum Capital, a new healthcare-focused investment platform, and Metronom Health, an innovative U.S. developer of a continuous glucose monitoring (CGM) system, have established a joint venture in China, specializing in the development, manufacture and sale of the CGM system in China. The creation of the joint venture will accelerate the pace of bringing Metronom's disrupting CGM technology to China.
Traditional fingerstick glucose meters can only offer intermittent glucose levels and the physical pain of finger pricking may reduce patients' adherence. Through a sensor inserted into the subcutaneous tissue and a transmitter that transmits the sensor data to smart device, CGMs can provide continuous, dynamic glucose information to detect glycemic variability. In addition, the CGM can inform the patient of their trends in glycemic level enabling them to anticipate hypo- and hyper-glycemic excursion.
Metronom's CGM uses a disruptive and proprietary Opto-enzymatic technology with the aim to deliver superior accuracy and reliability, especially at hypoglycemia (low glucose) ranges. The factory calibrated sensor may last 14 days, avoid the use of finger stick calibration, and reduce patient discomfort and infection risk. Metronom's Opto-enzymatic CGM technology is designed to have an industry leading cost profile which will allow broader use of the sensor.
The Metronom technology may accelerate the advancement of digital diabetes management. Digital diabetes management can provide patients with diabetes-related science education, data analysis, and other services. In addition, it will also give the hospital closed-loop services to enhance patient's product loyalty and increase patients' willingness to pay.
According to IDF, in 2019, an estimated 116 million adults were living with diabetes in China, and the total number of people with diabetes is predicted to rise to 140 million by 2023. What is more concerning is that more than 1/3 of the population in China is pre-diabetic. In 2025, the CGM market is estimated to be 4bn RMB in China.
"Metronom is a leading company in the CGM field," said Michael Zhao, co-founder and CEO of Dinova Medtech, "We are looking forward to collaborating with Metronom and sharing Metronom's passion for developing CGM technologies to serve the unmet medical needs of diabetic patients."
"The huge diabetes patient population provides a broad market potential for innovative continuous glucose monitoring technology," said Serena Shao, founder and managing partner of Ascendum Capital, " With its unique Opto-enzymatic technology, Metronom is expected to significantly improve the accuracy and reliability of CGM, making it possible to achieve digital diabetes management."
"We are pleased to partner with a highly regarded investor, Ascendum Capital, and also the strong operational organization of Dinova for our JV in China. We will leverage our EU and US experience to seek NMPA approval to access the large market in China", said Olav Bergheim, Chairman of the board of Metronom Health.
About Dinova Medtech
Dinova Medtech is a highly specialized medical device innovation hub that cultivates life-saving technologies through investment, incubation and operation. Dinova strives to create optimal healthcare innovation solutions that reduce innovation risk, accelerate product time to market, and increase clinical impact. For more information, please visit http://www.dinovamedtech.com/.
About Metronom Health
Metronom Health, a Fjord Ventures portfolio company, was founded in 2009 and is an R&D stage medical device company. Metronom has developed a minimally invasive continuous glucose monitoring system designed to capture both high and low ranges of a patient's glucose profile with high accuracy. The product is designed for wireless data transmission. For more information, please visit https://www.metronomhealth.com/.
About Ascendum Capital
Ascendum Capital is a new healthcare-focused investment platform, founded in 2020, which specializes in innovative MedTech, Biotech and other healthcare-related technology. Ascendum aims to accelerate the R&D and commercialization of global leading healthcare technologies, and support healthcare companies for expansion or acquisitions with a particular focus on the Chinese market. For Ascendum: ir@ascendumcap.com
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