Chrono Therapeutics‘ wearable, called SmartStop, injects a tiny bit of nicotine into the wearer’s bloodstream at timed intervals.
In this way it’s similar to the patch, but SmartStop gives the wearer some control over when that happens. Timing the introduction of the nicotine can help the user deal with cravings, the company says.
And some big names in the venture capital and healthcare world believe it. Waltham, Mass.-based Chrono said today it’s taken a sizable $32 million funding round to further develop the device.
The funding round was led by Canaan Partners and 5AM Ventures, with Fountain Healthcare Partners, Mayo Clinic, and GE Ventures also participating.
Chrono says it will use the funds to complete product development and clinical studies for the company’s “SmartStop programmable transdermal drug delivery system and real-time behavioral support program for smoking cessation.”
Wende Hutton, general partner with Canaan Partners, Jim Young of 5AM Ventures and Aidan King of Fountain will join Chrono’s board of directors.
Previous to the current funding round, Chrono was operating with the help of $500,000 in debt financing.