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17 Jun 2002
Abbott Laboratories of Abbott Park, IL, US has given USD 0.5 million to SpectRx of Norcross, GA, as the first milestone payment for the development of its continuous glucose monitor system.
SpectRx and Abbott are jointly developing the system and Abbott has already invested USD 5.25 million in the venture (see Laser opens new way to watch diabetes). The latest transaction will be counted as revenue by SpectRx.
The companies would not disclose details of what stage the project has reached but SpectRx still anticipates filing the biophotonic system with the FDA in late 2001 or early 2002.
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