Intuity Medical Closes $40M Series 3 Financing
SUNNYVALE, Calif., Nov. 10, 2016 /PRNewswire/ -- Intuity Medical, Inc., a privately-held company developing innovative technologies for diabetes management, announced today that it has closed a $40M Series 3 round of financing. New investor PTV Healthcare Capital led the financing round, which also included affiliates of Luther King Capital Management as new investors along with existing investors: Accuitive Medical Ventures, Investor Growth Capital, U.S. Venture Partners, Venrock and Versant Ventures.
Intuity's POGO® Automatic™ Blood Glucose Monitoring System, which received clearance from the U.S. Food and Drug Administration (FDA) in April 2016, is the first blood glucose meter and multi-test cartridge to provide automatic testing with lancing, blood collection and analysis in one easy step without the need for separate strips and lancets. By combining all of the necessary blood glucose testing supplies into a self-contained 10-test cartridge, POGO provides a convenient and discreet solution for millions of patients who need to regularly test their blood glucose in the management of their diabetes.
The number of adults with diabetes is a staggering 422 million worldwide, with the disease being the 7th leading cause of death in the U.S. According to the American Diabetes Association, nearly half of the 29 million U.S. patients are not achieving glycemic control in the management of their diabetes. The burdens associated with blood glucose testing are among the reasons for poor glycemic control; many patients cite lack of both simplicity and discretion as barriers to testing with their current meter.
Unlike other meters, POGO does not require a patient to use individual test strips or a separate lancing device, which eliminates carrying and disposing of multiple supplies. This means patients can quickly perform a glucose test while on the go or in public settings.
To perform a test, a patient simply presses the POGO test port, and POGO automatically lances the finger, collects a blood sample and displays a result after a four-second countdown. The test only requires a tiny blood sample of 0.25 microliters to analyze the glucose value. After completing 10 tests, the self-contained cartridge can be conveniently disposed of, eliminating the need to handle used test strips and lancets.
"Blood glucose monitoring is an essential component of diabetes management, and people with diabetes continue to actively voice the need for a simpler method. Intuity's unique technology with integrated lancing, simplifies testing to just one, easy step," commented Emory Anderson, President and CEO, Intuity Medical, Inc. "With this recent funding, we have the ability to bring POGO Automatic to the U.S. market for patients who have been looking for a convenient way to test their glucose."
When combined with Intuity Medical's proprietary Patterns® Diabetes Management System, a secure cloud-based platform for managing glucose information, POGO provides both healthcare professionals and patients a comprehensive shared platform to detect and manage important patterns and trends that impact overall glucose control.
About Intuity MedicalIntuity Medical is committed to simplifying diabetes management by developing proprietary and innovative technologies to address common barriers of glucose testing. Intuity Medical's POGO is the first blood glucose meter and multi-test cartridge designed to automate testing into one easy step, without the need for separate test supplies. POGO's unique integrated design and the Patterns Diabetes Management System give patients the flexibility to test as often as recommended by their healthcare professionals to help in their daily diabetes management. The Company's investors include Accuitive Medical Ventures, Emergent Medical Partners, Investor Growth Capital, Luther King Capital Management, PTV Healthcare Capital, U.S. Venture Partners, Venrock and Versant Ventures.
For more information about POGO and Intuity Medical, visit www.presspogo.com.
About Intuity Medical's InvestorsFor more information about Intuity Medical's investors, visit:
Accuitive Medical Ventures www.amvpartners.com
Emergent Medical Partners www.emvllp.com
Investor Growth Capital www.investorgrowthcapital.com
Luther King Capital Management www.lkcm.com
PTV Healthcare Capital www.ptvhc.com
U.S. Venture Partners www.usvp.com
Versant Ventures www.versantventures.com
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SOURCE Intuity Medical, Inc.