Intuity Medical closes second tranche of Series D Preferred Stock financing

Intuity Medical, Inc., a privately held company developing novel glucose monitoring technologies for diabetes management, announced today it has secured additional funding with the closing of a second tranche of its previously announced Series D Preferred Stock financing, increasing the Series D total to $76 million. A new investor, Accuitive Medical Ventures (AMV), joined the impressive list of existing investors, Investor Growth Capital (IGC), Thomas McNerney and Partners, Venrock, Versant Ventures and U.S. Venture Partners, who also participated in the close.

Intuity Medical will use the funds to obtain FDA clearance and to prepare for U.S. commercialization and distribution of the POGO All-in-One System.  POGO uniquely integrates all the traditional blood glucose testing supplies into a convenient, self-contained system, providing greater ease of use and discretion for millions of patients testing their glucose regularly to manage their diabetes. When combined with Patterns™, Intuity Medical's proprietary web-based data management tool, POGO provides both healthcare professionals and patients a comprehensive shared platform to detect and manage important patterns and trends that impact overall glucose control.

"We have achieved a significant milestone with the completion of our 510(k) submission and are currently pending FDA clearance for the POGO System," commented Emory V. Anderson, President and Chief Executive Officer, Intuity Medical. "With the additional increase in funding, we will continue building the company infrastructure for POGO's U.S. market launch. Our goal is to make diabetes disease management less burdensome by providing a simple, One-Step™ solution to current blood glucose testing."

Glucose Monitoring

The blood glucose self-monitoring market is estimated to be $8 billion worldwide. Clinical studies have proven that frequent glucose testing can reduce the risk of diabetes-related complications. The American Diabetes Association (ADA) recommends that people with diabetes using daily insulin injections should test their blood glucose three times or more per day for optimal glycemic control.