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The European Union has awarded Bedford-based insulin pump products maker Insulet Corp. the right to market its goods in Europe.
Insulet (Nasdaq: PODD) reports it has received the CE Mark for its OmniPod Insulin Management System. This award gives Insulet permission to distribute the OmniPod System throughout the European Union and in other countries that recognize the CE Mark.
The OmniPod Insulin Management System offers continuous insulin delivery, claimed the firm. Unlike conventional insulin pumps, the OmniPod System doesn’t use tubing and offers automated insertion that reduces pain. There are two wireless components: the Pod, which is a compact, lightweight, self-adhesive insulin delivery device worn on the skin beneath clothing. The other component is the Personal Diabetes Manager, which is a wireless menu-driven, hand-held device that programs the Pod.
Insulet bills the OmniPod as a simple way to treat diabetes. It cuts out the obstacles that prevent people with diabetes from using insulin pump therapy. Already, Insulet is working on international distribution and believes the OmniPod will have limited availability in 2009, with increased availability in 2010.
Founded in 2000, Insulet focuses on diabetes-related products. In March, Insulet made a deal with health care investor Deerfield Management Co. to provide Insulet with as much as $60 million in financing through a flexible credit facility. Insulet claimed this transaction would limit dilution for its shareholders while allowing it access to enough money to grow.
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