Medtronic Grabs Artificial Pancreas Tech from Israeli Devicemaker
Monday, April 6, 2015
Source: Fierce Medical Devices
Medtronic ($MDT) snatched up artificial pancreas technology from Israel-based DreaMed Diabetes for its insulin pumps, the company's latest deal as it looks to diversify its diabetes offerings and cash in on a growing market.
DreaMed will receive undisclosed royalties from future sales of each Medtronic device using the company's technology, and Medtronic will oversee development and marketing of the pumps, Reuters reports. Dublin-based Medtronic is also sinking $2 million into the Israeli devicemaker as part of the deal. DreaMed's GlucoSitter product, which is based on an artificial pancreas algorithm, analyzes glucose levels and prompts the pump to deliver the correct dose of insulin to the body, mimicking the function of a normal pancreas to reduce the risk of low and high blood glucose episodes.
"We believe that a fully automated artificial pancreas will provide greater freedom and better health for many people with diabetes by eliminating some of the burden of glucose management," Alejandro Galindo, general manager of the intensive insulin management business at Medtronic, told the news outlet.