LIZ: WE HAVE THIS BREAKING NEWS
OUT OF GOOGLE PARENT ALPHABET.
THE TECH GIANT'S HEALTH CARE
DIVISION SAYS IT HAS TO HALT AND
PUT ON HOLD ITS GLUCOSE-SENSING
CONTACT LENS.
AN EARLY RESEARCH PROJECT TO
HELP THOSE SUFFERING FROM
DIABETES, BETTER MANAGE THEIR
DISEASE, BY PUTTING, IMAGINE
THIS, SENSORS ON CONTACT LENSES
TO MEASURE GLUCOSE LEVELS.
THE PROBLEM WAS THAT MEASURING
GLUCOSE LEVELS THROUGH TEARS
COMING THROUGH YOUR TEAR DUCTS,
NOT THE SAME AS MEASURING FROM
YOUR ACTUAL BLOOD.
SHARES OF ALPHABET ARE PRETTY
MUCH FLAT RIGHT NOW.
AGAIN, THEY AREN'T CANCELING IT.
THEY ARE PUTTING IT ON HOLD.
>>> WHILE THIS NEWS UNDERSCORES
THE REAL DIFFICULTY FOR TESTING
GLUCOSE LEVELS IN DIABETES
PATIENTS, OUR NEXT GUEST HAS
FOUND SUCCESS THAT ALPHABET HAS
YET TO FIND.
MEET EVERSET, PRETTY MUCH A
GAME-CHANGING TECHNOLOGY IN
TERMS OF MONITORING GLUCOSE
LEVELS BUT THERE'S A CATCH.
IT'S THE ONLY FDA-APPROVED
LONG-TERM IMPLANTABLE SENSOR
THAT PROVIDES REALTIME DATA.
IT'S IMPLANTED UNDER YOUR SKIN.
IN A FOX BUSINESS EXCLUSIVE,
SENSIONIC CEO, THE COMPANY THAT
MAKES IT, TIM GOODENOW WILL SHOW
US HOW IT WORKS.
8% TO 10% OF THE POPULATION
SUFFERS FROM DIABETES.
THIS COULD BE AN UNBELIEVABLE
GAME CHANGER.
HOW DOES IT WORK?
>> THANKS FOR HAVING US.
IT'S VERY EXCITING TECHNOLOGY,
AS YOU SAID.
THE THING TO KEEP IN MIND ABOUT
MANAGING YOUR DISEASE, DIABETES,
IS THE FACT THAT IT IS LONG-TERM
AND CHRONIC.
SO ANY TIME YOU LOOK FOR ANY
IMPROVEMENT IN THAT, YOU ARE
TRYING TO MAKE PEOPLE'S LIVES
EASIER.
THAT'S WHAT WE APPROACH WITH THE
IMPLANTABLE PRODUCT.
THE VALUE BEHIND IT IS JUST AS
YOU SAID, YOU PUT IT UNDER THE
SKIN AND FORGET ABOUT IT.
THAT WHOLE ABILITY TO MAKE YOUR
LIFE EASIER IS WHAT WE'RE TRYING
TO ENABLE WITH THAT SENSOR.
LIZ: A DOCTOR IMPLANTS IT AND WE
WILL SHOW ALL OF THIS ON CAMERA.
DOCTOR IMPLANTS IT, THEN YOU PUT
A SENSOR OVER IT, IS THAT
CORRECT?
>> RIGHT.
WE CALL IT TRANSMITTER.
LIZ: DOES IT HURT TO BE
IMPLANTED?
WHAT'S THE SIZE OF IT?
>> VERY SMALL.
THINK OF IT AS A COUPLE GRAINS
OF RISOTTO RICE.
IT GOES UNDER THE SKIN, WE
TYPICALLY PUT IT IN THE BACK OF
THE ARM, AND A TRANSMITTER GOES
OVER THE TOP OF IT.
THAT'S HOW WE TALK TO THE CELL
PHONE.
LIZ: I'M ASSUMING THAT'S AN APP.
THIS IS YOUR APP, CORRECT?
>> IT'S OUR APP BUT YOU CAN GET
IT THROUGH THE ANDROID, THE
GOOGLE PLAY, OR AT THE APPLE
STORE.
LIZ: WHEN THE SENSOR AND THE
DEVICE SENSE THAT YOU NEED SOME
INSULIN, IT SENDS A NOTE TO YOUR
PHONE?
>> IT WILL SEND YOUR GLUCOSE
LEVEL TO YOUR PHONE, EXACTLY.
WHY THAT'S MOST IMPORTANT, THINK
ABOUT IT, EIGHT HOURS A DAY FOR
MANY PEOPLE, YOU ARE SLEEPING SO
WHAT IT WILL ACTUALLY DO IS
ALARM YOU, SAY YOU ARE GOING
REALLY HIGH OR GOING REALLY LOW.
WITH THE ADVENT OF THESE NEW
GLUCOSE MONITORS, IT'S BEEN
REALLY IMPORTANT THE LAST
DECADE.
LIZ: I FIND IT FASCINATING THAT
YOU DON'T HAVE TO BE THE ONLY
ONE WHO IS ON THE APP.
IN FACT, YOUR MOM OR PARENTS OR
SOMEBODY YOU CARE ABOUT, WHO
CARES ABOUT YOU, CAN ALSO BE IN
THE ALARM SENSING APP AS WELL.
CORRECT?
>> EXACTLY RIGHT.
YOU ARE ABLE TO DO THAT.
IN FACT, A LOT OF PEOPLE WILL
MONITOR JUST TO MAKE SURE,
SOMETIMES YOU NEED TO CALL,
SOMETIMES YOU NEED EXTRA HELP.
SOMEBODY LIVING ALONE, IT'S
REALLY IMPORTANT.
LIZ: KIND OF HAD A NIGHTMARISH
ATTEMPT, YOU KNOW, TRYING TO GET
THIS THROUGH THE FDA REGULATORY
RED TAPE.
EVERYBODY HAS THIS PROBLEM WITH
MEDICAL DEVICES.
IT TAKES A LONG TIME.
SCOTT GOTLIEB HAS BEEN HERE, THE
NEW HEAD OF THE FDA.
HE SAYS HE WANTS TO GET RID OF
THE RED TAPE.
DO YOU SENSE THAT THERE WAS A
DIFFERENCE BETWEEN THE PREVIOUS
FDA CHIEF AND GOTTLIEB BECAUSE
IT WAS JUNE YOU GOT YOUR
APPROVAL, CORRECT?
>> WE WERE IN FRONT OF THE
AGENCY FOR ABOUT 22 MONTHS SO
IT'S A RELATIVELY LONG PROCESS
THAT YOU GO THROUGH, BUT WE DO
SEE A PRETTY RESI
SEE A PRETTY RECEPTIVE FDA.
THEY WERE ABLE TO GIVE US
FEEDBACK AND INFORMATION ON WHAT
WE NEEDED TO DO WHICH RESULTED
IN A POSITIVE PANEL MEETING.
WE FEEL GOOD ABOUT HOW THE
PROCESS WENT.
LIZ: THIS COMPANY, IT'S PUBLICLY
TRADED.
IT IS A SMALL CAP, HALF A
BILLION.
AS YOU LOOK TO EXPAND, HOW MUCH
REVENUE AS A BUSINESS NETWORK DO
YOU SEE COMING FROM THIS?
TO ME WHEN YOU HAVE THIS MANY
PEOPLE, 100 MILLION ADULTS
SUFFERING FROM SOME TYPE OF
DIABETES OR PRE-DIABETES, I'M
LOOKING AT A LOT OF REVENUE
HERE.
HOW MUCH ARE YOU CHARGING FOR
THIS AND I BELIEVE IT HAS TO BE
CHANGED OUT EVERY THREE MONTHS?
>> EVERY THREE MONTHS FOR THE
U.S. VERSION OF THE PRODUCT.
WE WILL BE BRINGING THE EUROPEAN
VERSION WHICH IS UP TO 180 DAYS,
TO THE UNITED STATES IN A COUPLE
YEARS AS WELL.
THE AREA OF CONTINUOUS GLUCOSE
MONITORING IS ABOUT $10 A DAY IS
WHAT A PAYER, THE INSURANCE
COMPANIES WILL PAY FOR YOU TO
HAVE THE CONTINUOUS GLUCOSE
MONITORING.
IT'S A LITTLE OVER A $2 BILLION
MARKET NOW AND GROWING PRETTY
FAST, BECAUSE OF THE EXCITEMENT.
LIZ: WHAT'S THE RISK OF
INFECTION?
>> QUITE LOECHL
>> QUITE LOW.HL
IT IS ABOUT .7% IN OUR PRODUCT
AND THAT COMES FROM THE NATURAL
BREAKING OF THE SKIN BARRIER.
LIZ: I LOOK AT THIS AND SAY
BRAVO TO YOU AND YOUR DEVELOPERS
AND YOUR TEAM.
THIS COULD BE AMAZING FOR SO
MANY PEOPLE.
I HOPE THEY HEAR ABOUT IT.
>> THANK YOU.
LIZ: INSURANCE IS PAYING FOR IT?
>> INSURANCE IS STARTING TO PAY
FOR IT.
WE HAD A GREAT WIN WITH AETNA A
FEW WEEKS AGO.
ONE OF THE TOP FIVE IS COVERING
IT.
WE ARE LOOKING FORWARD TO THAT
PROCESS.
LIZ: CONGRATULATIONS.