Proteus Digital Health, the manufacturer of what it calls 'digital medicine,' has raised $120 million in its most recent round of funding.
The company's flagship technology involves a tiny sensor that is ingested with medicine and then relays information to a patch worn on the user's skin. The patch then sends that information to a smartphone app, and from there the information can be shared with caregivers, family members or other user-designated parties.
"We are at the beginning of a new growth cycle in the pharmaceutical industry driven by breakthrough technology in areas like stem cells, genomics and digital platforms," said Jonathan Symonds, chairman of HSBC Bank, former CFO of Novartis A and a recent appointee to Proteus Digital Health's board of directors, in a news release.
"Proteus Digital Health has created a remarkable leadership position in the digital healthcare market by enabling medicines to communicate with the internet," he said. "This technology has the potential to enable Proteus Digital Health and its partners to re-engineer the existing commercial assets of the pharmaceutical industry in order to create high value proprietary products that leverage the drugs they already sell using the mobile phone in every consumer's pocket."
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