Summary
- Glucose Biosensor Systems has filed to raise $23 million in a U.S. IPO.
- The firm is developing a non-invasive blood glucose monitoring system for consumer use.
- GBSG is still at pre-revenue stage and faces significant competition from likely major market participants.
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Quick Take
Glucose Biosensor Systems (GBSG) has filed to raise gross proceeds of $23 million from a U.S. IPO, according to an S-1 registration statement.
The firm is developing a saliva-based test that detects blood glucose and other biomarkers.
GBSG is a pre-revenue medical device firm that likely faces major competition in the non-invasive blood glucose testing market.
I’ll provide a final opinion when we learn more details from management about the IPO.
Company & Technology
New York-based Glucose Biosensor Systems was founded in to develop non-invasive, saliva-based testing solutions, with an initial focus on blood glucose.
Management is headed by President and Director Harry Simeonidis, who has been with the firm since 2017 and is also currently General Manager of FarmaForce.
GBSG has developed its proprietary Biosensor Platform which it licenses in China, Hong Kong, Vietnam, and Bangladesh.
The company’s Saliva Glucose Biosensor is made of organic transistors with embedded Glucose Oxidase [GOX] enzyme that interacts with saliva to initiate an electrochemical reaction and produce an electrical signal directly correlated to the amount of glucose present in the saliva, after which the information can be viewed on dedicated or smart mobile devices through an app.
Additionally, the firm has a cloud-based, AI-powered platform on which patients will be able to create medical records and, at their own discretion, share that information with caregivers.
Below is an overview graphic of the Saliva Glucose Biosensor:
Source: Company registration statement
Management claims that its SGB test is capable of detecting glucose in saliva at concentrations between 8 and 200 µM and ‘exhibits linear glucose sensing characteristics at these concentrations, sensing glucose at levels 100 times lower than in blood.’
The company has plans to expand functionality to detect other biomarkers, namely Prostate Specific Antigen [PSA], Peanut Kernel Allergen [PKA] and Luteinizing Hormone [LH] that are currently in Phase 1 of development while its SGB test is in Phase 4, as defined by the graphic below:
