Intuity Medical Secures $20M Credit Facility From Silicon Valley Bank and Oxford Finance Corporation
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."