Recently, medical device company Intuity Medical completed a $26.3 million mezzanine financing. The investor did not disclose the financing. The proceeds from the financing will be used to develop the POGO automatic blood glucose monitoring system, the main product of Intuity Medical.
According to the Securities and Exchange Commission, Intuity Medical provides a combination of equity, debt, options and securities when issuing options and warrants. The company hopes to raise an additional $10 million in this round of financing, which will increase the total amount of funds raised by mezzanine financing to $36.3 million.
Intuity Medical, formerly known as Rosedale Medical, was founded in 2002 in Sunnyvale, Calif., to develop a blood glucose monitoring system for diabetes management.
Diabetes is a disease in which the body cannot produce or use insulin properly. Insulin is a hormone produced by the pancreas and is a protein hormone necessary to convert sugar, starch and other foods into energy. According to the American Diabetes Association, the number of adult diabetic patients worldwide has reached 422 million. Diabetes has also become the sixth most deadly disease in the United States.
Clinical trials have shown that frequent glucose testing can provide significant health benefits to patients. Strict glucose control can reduce the risk of diabetes-related complications such as blindness, kidney and nerve damage by up to 76%. Early introduction of intensive diabetes management can reduce the risk of death from heart disease, stroke and cardiovascular disease by 57%, providing additional benefits to patients.
The increase in diabetes is mainly due to the fact that patients do not achieve glycemic control in disease management, and the burden of blood glucose testing is one of the causes of poor glycemic control. In the Yankelovich Partners study, 69% of people with diabetes said that if the test procedure is simple, blood glucose tests will be performed more frequently to better control blood sugar.
The POGO Automated Blood Glucose Monitoring System is the world’s first blood glucose meter and multi-test cartridge that integrates automated testing, blood collection and analysis. The system includes an instrumentation device and an automated ink cartridge that simplifies the testing process by eliminating the need for patients to carry and use separate test supplies. The POGO system is POGO’s ability to combine all the necessary blood glucose test supplies into 10 separate test kits to help millions of patients who need to regularly check their blood sugar during diabetes treatment.
To test, simply press the POGO test button and POGO will automatically scan the finger, collect the blood sample, and display the result after a 4 second countdown. The instrument requires only 0.25 microliters of blood sample to analyze the patient’s glucose value. After the test is complete, the patient simply places the cartridge containing the used test strip. This also avoids the biological hazards that have been used in public places in the past. The system has a USB port for quick uploading inspection data to the Patterns website.
Patterns is a secure web-based data management website that works with the POGO blood glucose monitoring system. The site is designed to allow patients to quickly upload and view results, easily identify disease trends and adjust their diabetes management.
Connect the POGO Blood Glucose Monitoring System to the Patterns website, which has automatic meter identification data and a one-step upload function for quick pattern analysis. Patients can remotely access and share data to view graphs and reports. It is worth mentioning that on April 26, 2016, the POGO automatic blood glucose monitoring system was approved by the FDA.
Steve Edelman, MD, professor of clinical medicine at the University of San Diego and founder of the Diabetes Association (TCOYD), commented: “By simplifying the steps and supplies needed to detect blood sugar, POGO solves some of the common barriers to testing and provides patients with a A new way to detect blood sugar. For patients, simple testing methods are critical to their diabetes care.”