Intuity Medical, Inc., a Sunnyvale, Calif.-based company developing innovative technologies for diabetes management, closed an additional $15m in Series 3 equity financing.
The now $55m round saw the participation from KCK Group which joined lead investor PTV Healthcare Capital and 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.
Led by Emory Anderson, President and CEO, Intuity is advancing the POGO® Automatic™ Blood Glucose Monitoring System, a blood glucose meter and multi-test cartridge that provides automatic testing with lancing, blood collection and analysis in one step without the need for separate strips and lancets.
To perform a test, a patient 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 requires a tiny blood sample of 0.25 microliters to analyze the glucose value. After completing 10 tests, the self-contained cartridge can be disposed of, eliminating the need to handle used test strips and lancets.
The product, which combines all of the necessary blood glucose testing supplies into a self-contained 10-test cartridge, received clearance from the U.S. Food and Drug Administration (FDA) in April 2016.
When combined with Intuity Medical’s proprietary Patterns® Diabetes Management System, a cloud-based platform for managing glucose information, POGO provides both healthcare professionals and patients a shared solution to detect and manage important patterns and trends that impact overall glucose control.