Date: Aug 31, 2012 Author: Don Seiffert Source: bizjournals (
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Mansfield, Conn.-based Biorasis Inc. has received a one-year, $486,000 Small Business Innovation Research Phase 2 grant award to continue developing a self-calibrating, wireless, needle-implantable sensor for continuous glucose monitoring.
CEO Ioannis Tomazos, who founded the company in 2007, told Mass High Tech that the grant follows a $150,000 Phase 1 grant received in 2009, and will be used to commercialize the Glucowizzard, a tiny sensor that can be implanted with a needle.
"It's basically to help us finalize the sensor," he said.
Tomazos said he began developing a larger model of the sensor, and has been gradually shrinking it down. The final device will be a tiny stick just five millimeters long.
Now being tested in animals, his eventual goal is to raise enough money for tests to have the device approved by the U.S. Food and Drug Administration for use in humans. But as an intermediary way to raise some capital, as early as next year, Tomazos plans to begin marketing the device to biotech companies and a tool to help drug development during animal studies.
"It's very, very small," he said. "It's perfect for these rodents."
Tomazos holds a 2007 Ph.D. in cell biology and a 2008 MBA from the University of Connecticut, and said the six-employee company is now based in UCONN's incubator. In total, the company has now raised $15 million from a combination of angel investors and grants, he said.
In March 2009, the company was voted one of "Five you should follow" by Mass High Tech's Startup Watch.
