Irish medical technology firm Medtronic has entered into an exclusive worldwide development and license agreement with diabetes treatment and management solutions developer, DreaMed Diabetes.
Under the deal, both firms will work together to develop and market products integrating DreaMed’s MD-Logic Artificial Pancreas algorithm in Medtronic’s insulin pumps.
DreaMed Diabetes chairman and chief scientific officer Dr Moshe Phillip said: "We are very excited that only one year since inception, we have signed a strategic collaboration agreement with Medtronic, the world leading medical device company.
"We are certain that this partnership, which will incorporate our solution into Medtronic’s integrated insulin pump and glucose monitoring system, will improve the health as well as the quality of life of people living with diabetes."
As per terms of the agreement, DreaMed will secure undisclosed royalties from future sales of each device utilizing MD-Logic and Medtronic will take responsibility for development and marketing of such devices.
Medtronic has also made a minority investment of $2m in DreaMed Diabetes.
DreaMed produces CE-marked GlucoSitter that is based on the MD-Logic Artificial Pancreas algorithm. It is an automated and artificial-pancreas system for controlling glucose levels.
The system connects glucose sensor with the insulin pump through computerized control algorithms and uses data of glucose levels from a continuous glucose sensor, analyzes them and directs the insulin pump to deliver the correct dose of insulin that should be released to the body in order to maintain balanced blood glucose.
This procedure is said to reduce the risk of hypoglycemia (low blood glucose) and hyperglycemia (high blood glucose).
Image: Medtronic operational headquarters, Minneapolis. Photo: courtesy of Medtronic, Inc.