Intuity Medical, Inc., a Fremont, Calif.-based company developing innovative technologies for diabetes management, closed $42.5M in the initial tranche of a $70M total round of funding.
– $40M in equity financing from existing investors Accuitive Medical Ventures, Investor Growth Capital, KCK Group, affiliates of Luther King Capital Management, PTV Healthcare Capital, U.S. Venture Partners and Versant Ventures, plus
– $30M in debt financing from Hercules Capital.
The company intends to use the funds to strengthen its financial position to commercialize POGO and Patterns in the U.S.
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 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 discreet solution for patients who need to regularly test their blood glucose in the management of their diabetes.
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.
When combined with the company’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.
The system has already received clearance from the U.S. Food and Drug Administration (FDA).