Healthcare Industry News: Millennium
News Release - January 5, 2010
Intuity Medical Closes $64 Million Series D Financing - One of the Largest Medical Device Funding Events of 2009Financing will fund the final development, FDA clearance and launch of Intuity's All-in-One System, the world's first fully-integrated blood glucose monitor
SUNNYVALE, Calif., Jan. 5 -- (Healthcare Sales & Marketing Network) -- Intuity Medical, Inc., a privately-held company developing innovative technologies in diabetes management, today announced that it has secured a $64M Series D financing round. The funds were contributed by new investors Venrock and Emergent Medical Partners; and existing investors Investor Growth Capital, Thomas, McNerney and Partners, U.S. Venture Partners, and Versant Ventures.
Intuity will utilize the proceeds for the U.S. commercialization and distribution of its All-in-One System, following regulatory clearance. All-in-One is the world's first fully integrated blood glucose monitor, providing greater convenience, ease of use and discretion in glucose testing.
"Blood glucose monitoring is an essential component of diabetes management, and people with diabetes actively voice the need for a simpler method. Intuity's unique All-in-One technology, simplifies testing to just one, easy step," commented Emory V. Anderson, President and Chief Executive Officer, Intuity Medical. "With this recent funding, we have the ability to bring the All-in-One platform to market. This discreet and convenient system will make blood glucose monitoring much easier."
The All-in-One Blood Glucose Monitoring System combines all the traditional blood glucose testing components into one compact meter and multi-test cartridge system. All-in-One provides One-Stepô testing with automatic blood sample collection and glucose analysis.
Because of its unique self-contained cartridge, patients with diabetes will no longer need to carry or dispose of separate testing supplies. The product can also provide healthcare professionals with an easier way to teach patients how to test their blood glucose and ultimately, manage their diabetes.
The blood glucose self-monitoring market is estimated to be $8 billion worldwide. Clinical studies have proven that frequent glucose testing can reduce the risk of diabetes-related complications. The American Diabetes Association (ADA) recommends that people with diabetes using multiple daily insulin injections should test their blood glucose three times or more per day for optimal glycemic control.
About Intuity Medical
Intuity Medical is a privately-held company located in Sunnyvale, CA. The Company is committed to simplifying diabetes management by developing proprietary and innovative technologies that help eliminate a majority of the most common barriers to glucose testing. Intuity's product, the All-in-One System, simplifies blood glucose testing, and gives patient's greater discretion and flexibility to test anytime, anywhere.
For more information about the All-in-One Blood Glucose Monitoring System and Intuity Medical, please visit www.intuitymedical.com.
Venrock is a premier venture capital firm with offices in Palo Alto, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues the eight-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $2.4 billion in 437 companies resulting in 124 IPOs over the past 40 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock's website at www.venrock.com.
About Emergent Medical Partners
Emergent Medical Partners is a life sciences investment firm lead by Dr. Thomas Fogarty that focuses on seed and early stage investments. Emergent's partners have more than a half century of combined experience in life sciences investing. Founded in 2007, Emergent has invested in over 15 companies, to date. For more information, please visit Emergent's website at www.emvllp.com.
About Investor Growth Capital
For more information, please visit www.investorgrowthcapital.com.
About Thomas, McNerney and Partners
For more information, please visit www.tm-partners.com.
About Versant Ventures
For more information, please visit www.versantventures.com.
About U.S. Venture Partners
For more information, please visit www.usvp.com.
Source: Intuity Medical
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