Brings Tears To Our Eyes

Brings Tears To Our Eyes

Over the past 20 years or so we’ve seen far too many companies that have bilked investors out of millions of dollars. The most notorious of these snake-oil salesmen are all the non-invasive companies, who years ago before the advent of continuous glucose monitoring, convinced unsuspecting investors who were too lazy to do even the slightest due diligence, that the path to riches was a non-invasive glucose monitor. Since the advent of CGM these con artists have updated their nefarious bag of tricks so that the new path to riches is a non-invasive CGM.

Now just to be clear some very smart, well we thought they were smart, companies have invested millions with these charlatans. The most glaring example is when GE, yes GE, invested and lost $8 million in the way cool now way dead C8 Medisensors. Now we know that $8 million is chump change for GE, but still it does show how some very big and supposedly very smart companies can be duped.

We mention this as according to a press release;

“Following successful clinical trials in 2015, NovioSense BV, today announced they had closed their 4th financing round for the next clinical validation phase of their smartphone based tear glucose sensor device, to provide an accurate, pain-free and conveniently placed glucose sensor to address the growing diabetes epidemic impacting people’s lives and overwhelming healthcare systems worldwide.”

Now to be clear we don’t the people at NovioSense and more than likely their heart is in the right place. Based on what they done so far they likely believe they will succeed wear so many others have failed. Yet they also are thanking their lucky stars that Google, yes Google, made a major splash with their contact lenses that also measured glucose. No disrespect to our friends in Mountain View but even with all their money we don’t think they will succeed here either, which is probably why they dumped this product on Novartis.

Listen we don’t say this just because every company that’s gone down this path has failed. We say this because we can’t find one recognized expert in glucose monitoring technology who thinks it can be done. Sure, it’s theoretically possible to measure glucose from tears but it also theoretically possible that an elephant can stand on a coffee table without crushing the table.

But let’s say these experts are wrong, let’s say that someone has the secret sauce to make this work. Will this way cool whiz bang technology have any chance at being commercially viable? Will this way cool whiz bang technology do anything to improve patient outcomes? The answers to both questions is a resounding NO. Again, not because we say so, but because everyone in glucose monitoring says so.

Perhaps the best reason to believe this technology has no chance is to travel back in time to a company called Fovioptics. A company which did something unheard of, as they returned money to their investors when they realized this way cool whiz bang technology couldn’t be made to work.

Yet no matter how many times this happens, no matter how many failures these companies continue to find investors dumb enough to invest. We’ve said it before and we’ll say it again when it comes to way cool whiz bang diabetes technology companies it’s easier to bilk investors with a good PowerPoint presentation than it is with a gun. These investors for reasons we’ll never understand either don’t want to do even the slightest due diligence or are actively ignoring those pesky facts. Talk about willful ignorance.

Once again we are not going to blame the companies for taking advantage of these morons. As Canada Bill Jones, the famous poker player said; “It is morally wrong to allow suckers to keep their money.” These idiots deserve to lose every dime of their investment.

As when it comes to tear based glucose monitoring the only tears that will be shed here are not tears of joy but tears of sadness from realizing just how stupid they were to invest in the first place. As Momma Kliff was fond of saying; “There are no rewards for being stupid.”