Companion Medical, Inc., a San Diego, CA-based innovative diabetes company that developed the first and only FDA-cleared smart insulin pen and app system, entered into a loan and security agreement for up to $27.5m with K2 HealthVentures (K2HV), a healthcare-focused specialty finance company.
The financing allows Companion Medical to continue to scale the commercialization of its flagship product – InPen.
Upon closing, the company borrowed $10m with the funds being used to ramp up production and to invest in its R&D pipeline.
Led by Sean Saint, chief executive officer, Companion Medical is a provider of diabetes care technology solutions. The company’s primary product, InPen™, is an FDA-cleared smart insulin pen combining Bluetooth® enabled pen injector technology with a diabetes management mobile app that simplifies the tracking, monitoring, and calculating required for insulin therapy.