RUTHERFORD, NJ - Glucotrack, Inc. (NASDAQ: GCTK), a medical technology firm, has announced the successful completion of a second long-term preclinical study of its Continuous Blood Glucose Monitor (CBGM) on Wednesday. The device demonstrated a Mean Absolute Relative Difference (MARD) of 4.7% at Day 90, a metric indicating high accuracy for continuous glucose monitoring.
The CBGM developed by Glucotrack is designed to measure blood glucose levels directly and continuously for over two years, without the need for a wearable device and with minimal calibration. This latest preclinical study, which followed a larger animal cohort over a longer period than the initial 60-day study, compared the CBGM's performance against both a standard blood glucose monitor and a subcutaneous glucose monitor, with no significant adverse effects reported.
Glucotrack's CEO, Paul Goode, PhD, noted the company's satisfaction with the sensor's long-term performance and highlighted the potential benefits to people with diabetes, such as simplified and discreet monitoring. The study's positive results pave the way for upcoming human clinical trials slated to begin later this year.
The CBGM prototypes used in the study were manufactured using refined production techniques, bringing the device closer to a commercially viable product. Glucotrack emphasizes that its technology aims to improve the quality of life for individuals managing diabetes by offering a more convenient monitoring solution.
The information disclosed is based on a press release statement from Glucotrack, Inc. The company, which specializes in developing innovative technologies for diabetes care, plans to further its efforts with regulatory approvals and the initiation of human clinical trials. Glucotrack made it clear that this news release contains forward-looking statements and that actual results may differ materially from those projected. The company has not made any assurances regarding the anticipated results or their potential impact on business operations.
InvestingPro Insights
Glucotrack, Inc. (NASDAQ: GCTK) has recently demonstrated promising results in the preclinical study of its innovative Continuous Blood Glucose Monitor (CBGM), which could potentially revolutionize diabetes management. As the company moves closer to commercializing its CBGM technology, investors and stakeholders are closely monitoring its financial health and market performance.
According to InvestingPro data, Glucotrack currently holds a market capitalization of 11.83 million USD. Despite the potential of its medical technology, the company's financial metrics reflect some challenges. With a negative P/E ratio of -1.08 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -1.23, it's clear that Glucotrack has yet to reach profitability. Moreover, the company's price to book ratio stands at a high 31.47, suggesting a premium valuation compared to its book value. These figures underscore the speculative nature of investing in Glucotrack at this stage.
On the performance front, Glucotrack's stock has experienced a large price uptick over the last six months, with a 39.35% total return. However, the 1-month price total return shows a decline of -29.18%. This volatility is a critical point for investors to consider, as highlighted by one of the InvestingPro Tips, which notes that the stock generally trades with high price volatility.
Another InvestingPro Tip for Glucotrack is its position of holding more cash than debt on its balance sheet, which could provide some financial flexibility as the company continues to burn through cash quickly in its development phase. The company does not pay a dividend to shareholders, which is typical for firms focused on growth and reinvestment.
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