London, 8 September 2016 – Hikma Pharmaceuticals PLC (Hikma) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), (rated Ba1 Moody’s / BB+ S&P, both stable), the fast growing multinational pharmaceutical group, announces that its venture capital arm, Hikma International Ventures and Development LLC (Hikma Ventures) has participated in a $47.6 million series B round of financing for Chrono Therapeutics.
Chrono Therapeutics is developing a wearable transdermal drug delivery device offering a personalised behavioral support system that times nicotine delivery to when smokers have their strongest cravings. The Chrono solution is designed to deliver the first dose of nicotine replacement therapy shortly before a smoker wakes up, and then creates a pattern of “peaks and troughs” of nicotine delivery throughout the rest of the day to assure the smoker has more nicotine support when cravings are predicted to be strongest. The first application for this new technology is targeted for smoking cessation, but may also offer other advantages across other indications such as opioid addiction, Parkinson’s disease, and pain management.
The investment in Chrono Therapeutics demonstrates Hikma Ventures’ commitment to support the advancement of start-up companies with robust management teams and R&D expertise.
Lana Ghanem, Managing Director of Hikma Ventures, said, “We are very excited to announce our investment in Chrono Therapeutics, a pioneer in digital drug therapy for the treatment of smoking addiction. Targeting opportunities that enhance value creation for the business is key to Hikma Ventures’ approach. We believe that this
investment – which is our first in a start-up company – has significant potential and is aligned with our strategy of investing in the exciting consumer and digital health segments.”
Alan Levy, CEO of Chrono Therapeutics said, “We are very pleased to be working with Hikma Ventures given their focus on digital health and commitment to making innovative global solutions. Smoking is one of the leading causes of preventable death worldwide and Chrono’s platform has the potential to save lives well beyond the U.S. Hikma has a strong record of manufacturing and marketing pharmaceuticals globally, and will be important to us when the time comes to bring our smoking cessation technology to these markets.”