SAN DIEGO, Jan. 10, 2020 /PRNewswire/ -- Companion Medical, Inc., an innovative diabetes company that developed the first and only FDA-cleared smart insulin pen and app system, today announced that it has entered into a loan and security agreement for up to $27.5 million with K2 HealthVentures (K2HV), a healthcare-focused specialty finance company.
"This financing enhances our financial flexibility as we continue to scale commercialization of our flagship product - InPen," said Sean Saint, chief executive officer of Companion Medical. "The K2HV team has a strong understanding of our innovative approach to diabetes management and the high-impact solution that InPen represents for people living with this disease. We are pleased to be able to partner with them on this transaction in support of our growth."
Upon closing, Companion Medical borrowed $10 million; the funds will be used to ramp up production to meet unmet market demand and to invest in the Company's R&D pipeline.
"We are excited to support Companion Medical's vision of optimizing diabetes management with innovative technology like InPen, which can help patients make more informed, real-time insulin dosing decisions," said Anup Arora, founding managing director & chief investment officer of K2 HealthVentures. "This financing is in keeping with our strategy of partnering with pioneering healthcare companies to fuel their next phase of growth."
About Companion Medical
Companion Medical is a leader in diabetes care technology solutions. The company's primary product, InPen™, is the first and only FDA-cleared smart insulin pen to combine Bluetooth® enabled pen injector technology with a diabetes management mobile app that simplifies the tracking, monitoring, and calculating required for insulin therapy. Companion Medical is focused on addressing many of the issues people living with diabetes face on a daily basis, including, but not limited to, missed insulin doses, miscalculated insulin doses, and insulin stacking.
For more information, please visit www.companionmedical.com.
About K2 HealthVentures
K2 HealthVentures is an alternative investment firm focused on providing flexible, long-term financing solutions to innovative private and public companies in the life sciences and healthcare industries. The investment team is comprised of collaborative, experienced professionals with diverse backgrounds in finance and operations, as well as deep domain knowledge across various healthcare sectors. A uniquely flexible, permanent capital structure enables the firm to provide creative, adaptive financing solutions and meet the evolving capital needs of its portfolio companies as they grow. K2HV is driven by dual goals of Profit and Purpose – aiming to fuel the growth of innovative companies that will ultimately improve the lives of patients and giving a percentage of investment profits back to underserved areas in healthcare. www.k2hv.com
SOURCE Companion Medical, Inc.