Intuity Medical Brings in $70M in Total Funding
Diabetes management startup Intuity announced Monday that they had raised $70 million in tranche funding from existing investors and Hercules Capital, a new investor in the company. Although the company did not release the terms of the investment, they did announce that the first tranche totalled $42.5 million.
Intuity Medical, Inc. announced today that it has closed $42.5M in the initial tranche of a $70M total round of funding which includes $40M in equity financing from Intuity’s existing investors, including Accuitive Medical Ventures, Investor Growth Capital, KCK Group, affiliates of Luther King Capital Management, PTV Healthcare Capital, U.S. Venture Partners and Versant Ventures, plus $30M in debt financing from Hercules Capital (NYSE: HTGC).
The company plans to use market the system to a greater range of users.
“Our mission is focused on simplifying diabetes management for patients and their care circle,” said Emory Anderson, President and CEO, Intuity Medical. “This funding will help strengthen our financial position to commercialize POGO and Patterns in the U.S., thanks to partners like our existing investors and Hercules Capital, who understand our business and support our vision.”…
Intuity’s proprietary POGO® and Patterns® systems provide patients with one-step glucose testing and cloud-based glucose tracking. POGO received FDA clearance in April of 2016.
To perform a test, a patient simply presses the POGO test port, and POGO automatically lances the finger, collects a blood sample and displays a result after a four-second countdown. The test only requires a tiny blood sample of 0.25 microliters to analyze the glucose value. After completing 10 tests, the self-contained cartridge can be conveniently disposed of, eliminating the need to handle used test strips and lancets.
The investment reflects Hercules Capital’s interest in med tech startups.
“We are pleased to partner with Intuity Medical at this important stage of the company’s launch preparation for POGO and Patterns, and to provide growth capital to help the company address the potential market opportunity for POGO,” said Scott Bluestein, Chief Investment Officer at Hercules Capital. “This investment in Intuity exemplifies our ability to create flexible and custom financing solutions for innovative Life Sciences companies, helping them achieve important milestones through multiple growth stages of development.”