Intuity Medical Closes US$64 Million Series D Financing - One of the Largest Medical Device Funding Events of 2009
By Intuity Medical Inc., PRNEMonday, January 4, 2010
Financing 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, California, January 5 - Intuity Medical, Inc., a privately-held company developing innovative
technologies in diabetes management, today announced that it has secured a
US$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-Step(TM) 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.
Glucose Monitoring
The blood glucose self-monitoring market is estimated to be US$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.
About Venrock
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 US$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.
Kelley Lipman, VP of Marketing of Intuity Medical, Inc., +1-408-530-1700, kelley.lipman at intuitymedical.com
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