BEDFORD, Mass., June 3 Insulet Corporation(Nasdaq: PODD), a leader in wearable insulin pump technology with itsOmniPod(R) Insulin Management System, today announced an agreement withFerring Pharmaceuticals, of Saint Prex, Switzerland, to develop the OmniPodSystem for the delivery of a Ferring drug. This is Insulet's firstdevelopment agreement for a non-diabetes drug delivery application.
Under the terms of the agreement with Ferring, Ferring will funddevelopment of a custom version of the OmniPod's Personal Diabetes Managerand, upon completion of the development, will agree to purchase minimumquantities of the OmniPod Systems over a five year period, beginning in 2009.Financial terms were not disclosed.
Duane DeSisto, president and chief executive officer of Insulet said, "Weare pleased to partner with Ferring to develop an OmniPod for the delivery ofa women's health treatment, as a first step toward expanded applications ofthe OmniPod System for drug delivery. We believe the OmniPod System can be aneffective platform technology for the delivery of other drugs that requirecontinuous or frequent infusions."
About Insulet Corporation
Insulet Corporation is an innovative medical device company dedicated toimproving the lives of people with diabetes. The Company's OmniPod InsulinManagement System is a revolutionary, discreet and easy-to-use insulininfusion system that features two easy-to-use parts with no tubing andfully-automated cannula insertion. Through the OmniPod System, Insulet seeksto expand the use of continuous subcutaneous insulin infusion (CSII) therapyamong people with insulin-dependent diabetes. Founded in 2000, Insulet isbased in Bedford, MA.
This press release contains forward-looking statements concerningInsulet's expectations, anticipations, intentions, beliefs or strategiesregarding the future, including those related to its revenues, patient base,manufacturing capacity, expenses, product costs, sales and marketing efforts,financial performance and Insulet's ability to successfully develop, marketand sell the OmniPod for non-diabetes drug delivery applications. Theseforward-looking statements are based on its current expectations and beliefsconcerning future developments and their potential effects on it. There canbe no assurance that future developments affecting it will be those that ithas anticipated. These forward-looking statements involve a number of risks,uncertainties (some of which are beyond its control) or other assumptions thatmay cause actual results or performance to be materially different from thoseexpressed or implied by these forward-looking statements. These risks anduncertainties include, but are not limited to: risks associated withInsulet's dependence on the OmniPod System; Insulet's ability to achieve andmaintain market acceptance of the OmniPod System; potential manufacturingproblems, including damage, destruction or loss of any or Insulet's automatedassembly units or difficulties in implementing its automated manufacturingstrategy; potential problems with sole source or other third-party supplierson which Insulet is dependent; Insulet's ability to obtain favorablereimbursement from third-party payors for the OmniPod System and potentialadverse changes in reimbursement rates or policies relating to the OmniPod;potential adverse effects resulting from competition with competitors;technological innovations adversely affecting the Company's business;potential termination of Insulet's license to incorporate a blood glucosemeter into the OmniPod System; Insulet's ability to protect its intellectualproperty and other proprietary rights; conflicts with the intellectualproperty of third parties; adverse regulatory or legal actions relating to theOmniPod System; the potential violation of federal or state laws prohibiting"kickbacks" and false and fraudu