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News and Information Article
Funding to expand the capacity to meet growing demand
BEDFORD, Mass., Feb. 16 // -- Insulet Corporation, developer and
manufacturer of the OmniPod(R) 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(R) 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(R) 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 worlds 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. OrbiMeds
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
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