EOFlow’s device will be integrated into Medtronic’s Meal Detection Technologies algorithm
Over 37 million Americans alone have diabetes, and around 31% of these individuals 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 performing it at the incorrect time, can outcome in complications such as hypoglycemia, hyperglycemia, wide glycemic excursions, or diabetic ketoacidosis.
To assist resolve for this, South Korean organization EOFlow has created a device referred to as the EOPatch, which characteristics microfluidic technologies made to provide insulin with greater accuracy and reliability, although also minimizing the danger of insulin occlusion, aka a blockage that prevents the pump from delivering insulin appropriately
Now the organization will be in a position to get its technologies out to even extra individuals 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 utilized to fund EOFlow’s operational and investigation and improvement specifications. 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 delivers insulin to assist account for when customers overlook 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, although also obtaining the U.A.E. the exact 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 Method, 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 objective of simplifying diabetes management to make life simpler for the consumers we serve,” Jesse J. Kim, CEO and founder of EOFlow, stated in a statement.
“Collectively, we’ll function to advance innovation in wearable insulin patch technologies to expand our attain to extra folks about the globe living with diabetes. With a worldwide footprint in more than one hundred nations, capability to scale up manufacturing rapidly, and sophisticated application and sensor capabilities, Medtronic is the excellent strategic companion for EOFlow.”
(Image supply: eoflow.com)