Intuity Medical Closes $76 Million Series D Financing Funding for FDA clearance and launch of POGO™, the first and only All-in-One Glucose Monitoring System
SUNNYVALE, Calif., Aug. 1, 2011 /PRNewswire/ -- Intuity Medical, Inc., a privately held company developing novel glucose monitoring technologies for diabetes management, announced today it has secured additional funding with the closing of a second tranche of its previously announced Series D Preferred Stock financing, increasing the Series D total to $76 million. A new investor, Accuitive Medical Ventures (AMV), joined the impressive list of existing investors, Investor Growth Capital (IGC), Thomas McNerney and Partners, Venrock, Versant Ventures and U.S. Venture Partners, who also participated in the close.
Intuity Medical will use the funds to obtain FDA clearance and to prepare for U.S. commercialization and distribution of the POGO All-in-One System. POGO uniquely integrates all the traditional blood glucose testing supplies into a convenient, self-contained system, providing greater ease of use and discretion for millions of patients testing their glucose regularly to manage their diabetes. When combined with Patterns™, Intuity Medical's proprietary web-based data management tool, POGO provides both healthcare professionals and patients a comprehensive shared platform to detect and manage important patterns and trends that impact overall glucose control.
"We have achieved a significant milestone with the completion of our 510(k) submission and are currently pending FDA clearance for the POGO System," commented Emory V. Anderson, President and Chief Executive Officer, Intuity Medical. "With the additional increase in funding, we will continue building the company infrastructure for POGO's U.S. market launch. Our goal is to make diabetes disease management less burdensome by providing a simple, One-Step™ solution to current blood glucose testing."
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 daily insulin injections should test their blood glucose three times or more per day for optimal glycemic control.
About Intuity Medical
Intuity Medical is committed to simplifying diabetes management by developing proprietary and innovative technologies that help eliminate a majority of the most common barriers to consistent glucose testing. Intuity Medical's POGO is the first system designed to automate testing into one simple step, without the need for separate test supplies. POGO's unique integrated design gives patients greater discretion and flexibility to test anytime, anywhere and as often as recommended by their healthcare professional, which could lead to improved glycemic control.
For more information about POGO and Intuity Medical, please visit www.intuitymedical.com.
About Accuitive Medical Ventures
Accuitive Medical Ventures is a venture capital firm with committed capital of $230 million. A market-driven firm looking for revolutionary medical technology investment opportunities, Accuitive specializes in venture financing for companies with outstanding technology and teams. The firm has established relationships with some of the industry's leading institutions to offer emerging companies and investors the opportunity to build unique new businesses and long-term shareholder value. Accuitive's connections to some of the industry's leading practitioners and thought leaders enable them to add substantial value as investors and board members. The firm has offices in Palo Alto, CA, Atlanta, GA and Amelia Island, FL.
For more information, please visit Accuitive Medical Venture's website at www.amvpartners.com.
For More About Intuity Medical's Existing Investors Visit:
Emergent Medical Partners
Investor Growth Capital
Thomas, McNerney and Partners
U.S. Venture Partners
SOURCE Intuity Medical, Inc.