FREMONT, Calif., Jan. 8, 2018 /PRNewswire/ -- Intuity
Medical, Inc., a privately-held company developing innovative
technologies for diabetes management, announced today that it has
closed $42.5M in the initial tranche
of a $70M total round of funding
which includes $40M in equity
financing from Intuity's existing investors, including 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.
Intuity's POGO® Automatic™ Blood Glucose
Monitoring System, which has received clearance from the U.S. Food
and Drug Administration (FDA), 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.
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.
"Our mission is focused on simplifying diabetes management for
patients and their care circle," said Emory
Anderson, President and CEO, Intuity Medical. "This funding
will help strengthen our financial position to commercialize POGO
and Patterns in the U.S., thanks to partners like our existing
investors and Hercules Capital, who understand our business and
support our vision."
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.
"We are pleased to partner with Intuity Medical at this
important stage of the company's launch preparation for POGO and
Patterns, and to provide growth capital to help the company address
the potential market opportunity for POGO," said Scott Bluestein, Chief Investment Officer at
Hercules Capital. "This investment in Intuity exemplifies our
ability to create flexible and custom financing solutions for
innovative Life Sciences companies, helping them achieve important
milestones through multiple growth stages of development."
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
meters.
Armentum Partners acted as financial advisor to Intuity Medical
in conjunction with the debt financing.
About Intuity Medical
Intuity 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, KCK Group, 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 Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) ("Hercules") is the leading
and largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules
has committed more than $6.9 billion
to over 380 companies and is the lender of choice for entrepreneurs
and venture capital firms seeking growth capital financing.
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SOURCE Intuity Medical, Inc.