Movano Inc. closed its IPO on the Nasdaq Friday, reeling in gross proceeds of $48.9 million. The Pleasanton, Calif.-based startup launched the offering of 8.5 million shares of common stock priced at $5 per share on March 22, with a target of raising $42.5 million. The final tally included the fully exercised over-allotment option by underwriters to purchase an additional 1,275,000 shares.
Medtronic plc has reported the launch of the Inpen integrated with real-time Guardian Connect continuous glucose monitoring (CGM) data. Inpen is the first U.S. FDA-cleared smart insulin pen on the market for people on multiple daily injections (MDI). With this integrated system, users will have real-time glucose readings alongside insulin dose information, giving them what they need to manage their diabetes in one view.
Researchers at Ontario’s University of Waterloo have developed a palm-sized device that uses radio waves to read blood glucose levels, as well as artificial intelligence (AI) software to get near instantaneous results.
Abbott Laboratories is celebrating another win with its continuous glucose monitoring (CGM) technology. This time, the company revealed that it has scored the CE mark for its next-generation Freestyle Libre 3 system. Wells Fargo’s Larry Biegelsen noted that the arrival of the CE mark came slightly earlier than his group had expected.
Dexcom Inc. has partnered with the University of Virginia (U.Va.) to accelerate development of next generation continuous glucose monitoring (CGM) and automated insulin delivery technology. The five-year agreement will focus on expanding CGM use in type 2 diabetes, gestational diabetes and in-hospital settings.
Senseonics Holdings Inc. is one of the latest med-tech companies to release its quarterly numbers, revealing sales of $261,000, a decline of -94.3% year-over-year. That figure may have fallen below SVB Leerink Research’s estimate of $1.6 million and consensus at $1.4 million “given the company's well-telegraphed ongoing strategic review,” wrote Danielle Antalffy in a note. Still, Senseonics had some good news, which Antalffy heralded as “very positive.” That came in the form of a financial and strategic partnership with Ascensia Diabetes Care that revolves around a global commercialization and distribution agreement and a concurrent financing deal.
Indigo Diabetes NV is working to develop a next-generation continuous glucose monitor (CGM) that would be much simpler and easier to use routinely, potentially making it more useful for a much larger population. It has just raised a €38 million ($44.5 million) series B financing to support that effort.
LONDON – Vicentra BV has bounced back from COVID-19 related disruptions of its supply chain to raise a €10 million (US$11.44 million) round that will enable the company to reshape manufacturing and get its wireless insulin pump back on the market later in the year.
Commercial continuous glucose monitors (CGMs) require some access to a patient’s blood, typically through tiny needles embedded in a wearable patch sensor. But Movano Inc. is working to develop a CGM that is based on radio frequency technology to monitor glucose levels via a noninvasive, external wearable, likely in a form factor akin to a watch or a wrist-worn fitness wearable.
Diversified health care player Abbott Laboratories did better than expected when it reported second quarter earnings. The Abbott Park, Ill.-based company is one of the earliest to start reporting for this period, which in the U.S. was characterized by an initial heavy impact from the ongoing pandemic.