Chrono Therapeutics Grabs $32M to Help People Quit Smoking
June 16, 2014
Chrono Therapeutics, a provider of digital drug products, has closed a $32 million Series A financing round led by Canaan Partners and 5AM Ventures, with participation from Fountain Healthcare Partners, Mayo Clinic and GE Ventures. The funds will be used to complete product development and clinical studies for the company's SmartStop transdermal drug delivery system and real-time behavioral support program for smoking cessation. The device wirelessly communicates with the SmartStop digital support program, providing real-time guidance to help smokers cope with cravings and promoting compliance to the overall quit process. As part of the financing, Wende Hutton, general partner with Canaan Partners, Jim Young of 5AM Ventures and Aidan King of Fountain will join Chrono's Board of Directors.