Fremont, California-based Intuity Medical, a diabetes management technology company, announced that it will be receiving $40 million in equity financing from several of its previous investors, including Accuitive Medical Ventures, Investor Growth Captial, KCK Group, affiliates of Luther King Capital Management, PTV Healthcare Capital, US Venture Partners, and Versant Ventures.
The company also announced $30 million in debt financing from Hercules Capital, for a total of $70 million in funds. It has so far closed $42.5 million of this total in the initial tranche of this round.
"Our mission is focused on simplifying diabetes management for patients and their care circle," Emory Anderson, president and CEO of Intuity Medical, said in a statement. "This funding will help strengthen our financial position to commercialize Pogo and Patterns in the US, thanks to partners like our existing investors and Hercules Capital, who understand our business and support our vision.”
Intuity makes an automatic blood glucose monitoring system called Pogo, which received FDA clearance in April 2016. It contains a test port, lancets, and a lancing device within a single 10-test cartridge system, allowing users to regularly self-test without the need for separate strips and lancets. Intuity received FDA clearance for a software update to the system in April 2017 that helps prevent wasted cartridges.
Intuity also develops a cloud-based management platform called Patterns, which allows patients and providers to follow shifts and trends that could be impacting overall glucose control.
According to a release, the new funding will support the commercial launch of Pogo.
"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," Scott Bluestein, chief investment officer at Hercules Capital, said in a statement. "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."
Previously, Intuity raised $40 million in late 2016 and an additional $15 million in early 2017 for its blood glucose monitoring system.