Wednesday, June 4, 2008

Insulet pump picked for first non-insulin use

By Mass High Tech Staff

Insulet Corp., a maker of wearable insulin pumps, reports it has entered into its first agreement to develop its technology outside of the field of diabetes care.

The Bedford-based medical devices company said that Swiss drug company Ferring Pharmaceuticals plans to adapt Insulet’s OmniPod system — which is an insulin-injecting device worn over the skin — to deliver a Ferring treatment for women’s health.

Insulet (Nasdaq: PODD) didn’t disclose financing details of the deal or which Ferring drug the Swiss firm plans to inject with OmniPods. Ferring, which has a U.S. subsidiary based in New Jersey, markets several female fertility treatments taken by injection. A call to Insulet was not immediately returned before press time this morning.

Insulet, which employs 247 workers, reported a 2007 net loss of $53.5 million on revenue of $13.4 million. The company completed an $115.5 million initial public offering in May 2007.