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Medingo to launch its insulin delivery system in the US diabetes market August 10, 2009

Posted by israelhealthcare in Glucose Monitoring, Insulin Delivery system.
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Insulin delivery device startup Medingo is planning to launch its Solo micro pump insulin delivery system in the US diabetes market in the next few months, after it has got a formal clearance from the Food and Drug Administration (FDA) to market its innovative medical device in the American market.

Medingo will also present the Solo system at the American Association of Diabetes Educators Meeting which will take place in August 2009 in Atlanta, USA.

“We are very excited to have received FDA clearance for Medingo’s innovative, miniature, tube-free, insulin delivery system,” commented Arie Mientkavich, Chairman of Medingo. “This is a major milestone for Medingo, which will enable it to progress to the next phase in its development. Medingo is currently considering alternatives for its go-to-market strategy and the timing of the product launch.”

Medingo caters specifically to the needs of insulin-dependent diabetic patients. The company develops a miniature insulin patch pump that uses no tubes, is discreet and simple to use. The insulin patch can be placed under clothing on any desired part of the body without interfering with the patient’s daily activities. The device is comprised of two main units: A miniature patch pump, and a remote control unit, which allows patients to program the system and deliver insulin remotely.

In addition to insulin delivery, Medingo devices serve as platforms for other applications, including pain control and glucose sensing. Medingo’s core technology is based on research and development of Rafael, the principal research and development entity of the Israeli Ministry of Defense.

Medingo, a 50% Elron Electronic Industries company, is headquartered in Yoqneam, Israel. On November 2007, the company has completed financing round of approximately $27 million, jointly led by Elron and Radius Ventures.

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Glucose monitoring systems developer Glucon closed $25 million financing round led by 3i January 25, 2007

Posted by israelhealthcare in Glucose Monitoring.
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Glucose monitoring systems developer Glucon has closed a private financing round led by global venture capital firm 3i plc. Other venture capital funds that participated in this round include: Sequel Venture Partners, Quest Capital Partnership and Hunt Ventures, Aurum Ventures, Giza Venture Capital, MKI, Infinity Venture Capital Fund, and Ascend Technology Ventures. Glucon declined to disclose financial figures for its fifth round, but according to IVC research the Israeli medical device company closed a $25 million round.

This financing round will help bring Glucon’s products to the hospital market. Glucon is continuing the development of its automated blood glucose measurement system for hospitalized patients called Optimus.

“The Glucose Monitoring market is a key focus area for 3i’s healthcare team,” said Klaus Stoeckemann, healthcare partner at 3i. “Glucon’s innovative blood glucose monitoring device promises to transform and improve patient care, shortening hospital stays and freeing up valuable nursing time.”

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