SUNNYVALE, Calif., Feb. 28, 2011 /PRNewswire/ -- Intuity Medical, Inc.™, a privately-held company developing innovative technologies in diabetes management, announced that it has secured a $20M credit facility from Silicon Valley Bank and Oxford Finance Corporation. The funds will be used to help complete clinical trials and commercialize POGO™, a fully-integrated blood glucose monitoring system.
Intuity Medical's POGO combines traditional blood glucose testing supplies into one compact meter and multi-test cartridge system. It provides One-Step™ testing with automatic blood sampling and glucose analysis. Because of its unique self-contained cartridge, patients with diabetes will no longer need to carry, handle or dispose of separate testing supplies. POGO can also provide healthcare professionals with an easier way to teach patients how to test their blood glucose and, ultimately, manage their diabetes.
"Our mission is focused on simplifying diabetes management for millions of people," said Emory Anderson, President and CEO, Intuity Medical. "Thanks to partners like Silicon Valley Bank and Oxford Finance, who understand our business and support our vision, we are in a strong financial position to attain our corporate goals."
"Intuity Medical is entering a very exciting phase, seeking both FDA clearance and CE Marking to launch POGO commercially," said Rob Freelen of Silicon Valley Bank's Life Science Practice. "When available to consumers, POGO will give diabetes patients a way to manage their disease discreetly and without interruption to their daily lives. We appreciate that our clients' technologies advance standards of care for difficult diseases and are excited to partner with Intuity Medical in its mission to improve the treatment of diabetes."
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. POGO, the first 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 POGO Blood Glucose Monitoring System and Intuity Medical, please visit www.intuitymedical.com or www.presspogo.com.
About Silicon Valley Bank
Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 26 U.S. offices and five international operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), along with SVB Analytics, SVB Capital, and SVB Private Client Services. More information on the company can be found at www.svb.com.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About Oxford Finance Corporation
A subsidiary of Sumitomo Corporation, Oxford is a specialty finance firm providing senior secured loans to public and private life science and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $1.5 billion in loans, with lines of credit ranging from $500 thousand to $40 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
SOURCE Silicon Valley Bank