Intuity Medical, a privately-held company developing innovative technologies for diabetes management, announced that it has closed an additional $15 million, which brings the total Series 3 equity financing for the company to $55m.
KCK Group joins lead investor PTV Healthcare Capital and affiliates of Luther King Capital Management as new investors along with existing investors: Accuitive Medical Ventures, Investor Growth Capital, U.S. Venture Partners, Venrock and Versant Ventures.
Intuity's POGO® Automatic™ Blood Glucose Monitoring System, which received clearance from the U.S. Food and Drug Administration (FDA) in April 2016, 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.
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 meter. 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.
"The additional funding will help further our commercialization efforts in bringing POGO Automatic to the U.S. market for patients who have been looking for a convenient way to test their glucose," commented Emory Anderson, President and CEO, Intuity Medical, Inc.
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.
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.