Glucotrack (Nasdaq:GCTK) President and CEO Paul V. Goode today issued a statement to shareholders outlining strategic changes.
Goode’s letter to shareholders announced a redefined strategic direction. The company wants to move closer to becoming a leader in the diabetes market.
According to Goode, the diabetes market has undergone a transformation over recent years. He attributed that to the growth of continuous glucose monitoring (CGM), shifting focus from point-in-time glucose monitoring. With that market shift, Glucotrack intends to shift its own focus from non-invasive, non-continuous glucose monitoring. It now aims to bolster the CGM technology within its portfolio.
“We are excited about this transition, which expands our commercial opportunity into both the type 1 and type 2 diabetes market and ensures we are on the optimal path for the long-term growth and sustainability of the company,” Goode said.
Goode went on to cite a huge Medicare coverage expansion for CGM this year as another driving factor in the company’s decision. He said it demonstrates the increasing market demand and acceptance for CGM.
More on Glucotrack and its changed focus
Glucotrack designed its long-term implantable CGM with a sensor longevity of at least two years and no on-body wearable component. It has a once-only calibration event and a simple insertion and removal procedure.
“Today represents an important step in Glucotrack’s journey as we reset our priorities, improve our commercial outlook and refine our business strategy to focus on our implantable CGM technology,” Goode said. “We have significantly advanced the development program for the implantable CGM since launching its development in late Q4 last year and having recently achieved several key milestones.”
Those milestones include positive feasibility study results shared in July, plus progression into initial preclinical animal studies last month. Goode said that established that the sensor functions as expected after implant and 30 days thereafter. Glucotrack also initiated preparations for long-term preclinical studies on sensor performance, slated for the fourth quarter of this year.
“Our implantable CGM development program continues to meet and even outperform our expectations and we remain confident as we move towards regulatory approval and commercialization of this innovative technology,” Goode said. “At Glucotrack, we remain committed to commercializing novel solutions for improving healthcare outcomes among people with diabetes and prediabetes and to exploring additional acquisitions and strategic collaborations to grow our portfolio. With this new direction, we are better positioned to deliver strong business and financial results for the company and our shareholders.