According to the terms of exclusive negotiations, Biocorp is expected to receive an initial payment of £3.5m from Sanofi to support the associated development activities.

Mallya is a smart sensor cap that clips onto an injection pen,  allowing automatic recording and transmission of dosage information through a dedicated mobile application.

Biocorp said that Mallya marks the only evaluated connected device for injection pens to meet the accuracy requirements in securing a CE Class IIb medical device designation by the European regulatory authorities.

In addition, the device is removable and reusable for 2 years, and is compatible with all reusable and disposable pen injectors. The device  is said to enable automatic collection of selected doses with 100% accuracy.

With help of Bluetooth technology, the device can transfer real time data, and allows tracking records of each injection fordose delivered, insulin type, time and date.

Mallya connected device, featuring innovative pairing system with smartphone and interoperability with existing platforms and digital solutions, is capable of guiding patients during injection process.

Biocorp chief operating officer Eric Dessertenne said: “This exciting first step towards a partnership with Sanofi, one of the three largest diabetes care companies, confirms our position as the world leader in connected devices.

“For us, this is a result of the promises we have made to our shareholders, employees and partners since our initial public offering in 2015. We are proud to bring a breakthrough device to the market to improve the daily lives of patients with diabetes.

“We believe our innovative Mallya has great potential to become the standard in its class and should contribute significantly, and in a short time, to our very strong growth.”

With more than twenty years of experience and 30 manufactured products, Biocorp claims that it is specialised in development and manufacturing of medical devices and innovative drug delivery systems.