BEDFORD, Mass., Feb. 16 /PRNewswire/ -- Insulet Corporation, developer and manufacturer of the OmniPod® Insulin Management System, an innovative new product for managing diabetes, has raised $50 million in financing from an investor group that was led by OrbiMed Advisors LLC. The investor group included The Federated Kaufman Fund, along with existing investors Alta Partners, Pequot Ventures, Prism Venture Partners, Schroeder Ventures Life Sciences, and Versant Ventures.
The OmniPod® Insulin Management System is a continuous, subcutaneous insulin delivery system comprising two components, the OmniPod and the Personal Diabetes Manager (PDM). The OmniPod is a small, lightweight device worn on the skin that delivers insulin according to programmed, personalized instructions, transmitted wirelessly from the PDM. The PDM is a wireless, handheld device that programs and monitors the OmniPod and stores and displays insulin delivery, carbohydrate, and blood glucose history. The PDM also features an integrated blood glucose meter enabling the user to control both insulin delivery and check blood glucose with a single device.
“One important use of the funding will be to expand capacity to meet growing demand for the OmniPod® Insulin Management System,” said Duane DeSisto, Insulet President and CEO. DeSisto said the funds will also further fuel product development, ongoing clinical work and expansion of the sales force.
“We are very excited about the response from the market. We have great confidence in our product line and technology,” DeSisto said. “With this latest round of financing, we can continue to execute on our long-term business strategy.”
About Insulet Corporation
Insulet Corporation, located in Bedford, Massachusetts, is an innovative, privately held, diabetes management company dedicated to providing superior treatment options and lifelong health benefits to people with diabetes. Insulet Corporation employees have extensive experience in the diabetes and medical device industries. Founded in 2000, the company seeks to improve the lives of people with diabetes -- and to break down the barriers to continuous subcutaneous intensive insulin (CSII) therapy -- through technology and through communications with healthcare professionals and those personally afflicted. http://www.insulet.com
About OrbiMed
Founded in 1989, OrbiMed is the world’s largest fully dedicated healthcare asset management firm, with approximately $6 billion in assets under management. Since inception of its private equity investment activities, OrbiMed has successfully made investments in over 70 companies across a wide range of therapeutic categories and stages of development. OrbiMed’s investment team includes over 20 experienced professionals with backgrounds in science, medicine, finance and law. Our professionals work together using a collaborative, team oriented approach which has earned OrbiMed a reputation as the capital provider of choice for life sciences companies of all stages. http://www.orbimed.com
Source: Insulet Corporation
