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.”
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