Medtronic buys EOFlow for its wearable insulin patch technologies
EOFlow’s device will be integrated into Medtronic’s Meal Detection Technologies algorithm
Over 37 million Americans alone have diabetes, and roughly 31% of these sufferers are treated with insulin, which comes with its personal dangers: incorrect insulin dosing, which means either injecting as well tiny or as well a lot, or carrying out it at the incorrect time, can outcome in issues such as hypoglycemia, hyperglycemia, wide glycemic excursions, or diabetic ketoacidosis.
To enable resolve for this, South Korean organization EOFlow has created a device known as the EOPatch, which functions microfluidic technologies made to provide insulin with larger accuracy and reliability, even though also minimizing the danger of insulin occlusion, aka a blockage that prevents the pump from delivering insulin adequately
Now the organization will be in a position to get its technologies out to even extra men and women as medtech organization Medtronic plc announced on Thursday that it has entered into a set of definitive agreements to obtain EOFlow and its technologies.
As per the agreement, Medtronic will obtain all of its shares in EOFlow at a cost per share of KRW 30,000 ($22.57 in US dollars). In addition, pursuant to a share subscription agreement with EOFlow, Medtronic will also obtain new shares at a cost per share of KRW 24,359 ($18.32), which will be made use of to fund EOFlow’s operational and analysis and improvement needs. In total, this bring the cost of the acquisition, which is anticipated to close in the second half of this year, to KRW 971 billion, or $738 million.
The EOPatch device is a tubeless, wearable, completely disposable, external insulin injection device that automatically injects insulin from the outdoors of the physique. The device is made to be discreet, so it that can be worn on several components of the physique.
Going forward it will be integrated into Medtronic’s Meal Detection Technologies algorithm, which offers insulin to enable account for when customers neglect to bolus, or they underestimate the quantity of carbs in their meal, as nicely as the company’s continuous glucose monitor (CGM), the 780G technique insulin pump, which was approved by the FDA a month ago.
Founded in 2011, the Seongnam, South Korea headquartered EOFlow, which also has offices in San Jose, is authorized to marketplace the EOPatch in Europe, South Korea, Indonesia, and the United Arab Emirates the EOPatch initially launched in South Korea in April 2021, and then in September 2022 in Europe, even though also obtaining the U.A.E. the very same month. It also obtained Indonesia approval in October 2022. As of the finish of 2022, EOFlow had more than 600 EOPatch customers in Korea.
The organization is not however authorized to marketplace in the U.S., although it did submit its application to the FDA in December it did previously receive Breakthrough Device Designation for the EOPancreas Technique, its closed loop Automated Insulin Delivery /Artificial Pancreas Device, in 2019.
“We’re thrilled to accelerate our subsequent phase of development with a companion like Medtronic who shares our aim of simplifying diabetes management to make life a lot easier for the consumers we serve,” Jesse J. Kim, CEO and founder of EOFlow, mentioned in a statement.
“Collectively, we’ll perform to advance innovation in wearable insulin patch technologies to expand our attain to extra men and women about the planet living with diabetes. With a international footprint in more than one hundred nations, potential to scale up manufacturing rapidly, and sophisticated computer software and sensor capabilities, Medtronic is the best strategic companion for EOFlow.”
(Image supply: eoflow.com)
