PTV Announces Investment in Intuity Medical
PTV is proud to announce its investment in Intuity Medical, Inc. (“Intuity”), a privately-held company developing innovative technologies for diabetes management. Headquartered in Sunnyvale, CA, Intuity has created, manufactured, and received U.S. Food and Drug Administration (“FDA”) approval for its POGO® Automatic Blood Glucose Monitoring System, the first “all-in-one” blood glucose testing device for patients with diabetes. PTV led the $40 million Series 3 preferred stock financing for Intuity which will enable U.S. commercial launch of the POGO System.
Intuity’s POGO integrates the blood glucose testing lancet, blood collector, test strips, analysis system, and monitor into one convenient meter and cartridge system while simultaneously reducing the pain and inconvenience of daily blood glucose monitoring. By combining all of the necessary blood glucose testing supplies into a convenient, self-contained 10-test cartridge, POGO provides ease of use and discretion for millions of diabetic patients who need to regularly monitor their blood glucose levels. The self-contained 10-test cartridge eliminates the handling and disposal of test supplies while also eliminating the exposure of blood and sharp objects before, during, and after testing.
Diabetes represents an $8 billion and growing worldwide market opportunity with a $2.4 billion diabetes industry in the United States alone representing approximately 29 million patients with diabetes. The number of diabetic patients within the U.S. is estimated to reach 48 million by 2045, or 31.4% of the total U.S. population.
“We are proud to welcome Intuity to the PTV portfolio,” said PTV Managing Director Matt Crawford. “The POGO System has the ability to make a profound impact on the quality of millions of diabetes patients’ lives by streamlining and simplifying an essential part of their daily routine and improving their ability to manage their diabetes. We are excited to partner with the Intuity team and to play a part in enabling this innovation.”
Full Press Release: Intuity Medical Closes $40M Series 3 Financing