San Diego’s Tandem Diabetes Raises $12 Million While Insulin Pump Is Under Review
Tandem Diabetes Care, a San Diego medical device maker founded in 2008, has raised $12 million of a financing round that could eventually total nearly $13.7 million, according to a recent regulatory filing. The company has applied to the FDA for clearance for its insulin pump, according to VentureWire.
The company’s website says its wearable insulin pump is an alternative for people with type 1 diabetes who have difficulty managing their diabetes on multiple daily injections. The device features touchscreen controls and a graphical user interface, and can be connected via a USB port to a Web application the company has developed to upload as much as 90 days of insulin pump data or blood glucose meter data.
Tandem Diabetes applied for 510(k) clearance from the FDA, VentureWire reports, meaning it believes its insulin pump is similar to other devices already on the market.
Indeed, as Luke reported last year, the company faces a market with many established insulin pump makers, including Minneapolis-based Medtronic; Bedford, MA-based Insulet; Switzerland’s Roche; New Brunswick, NJ-based Johnson & Johnson; South Korea’s Sooil; and Japan’s Nipro.
The $13.7 million offering described in the new filing is a combination of equity, debt, and options. In January, 2010, Tandem raised $52.3 million from investors that include Delphi Ventures, Domain Associates, HLM Venture Partners, Second Technology Capital Investors and TPG Biotech.
Tandem’s board of directors includes CEO Kim Blickenstaff, who joined the company in 2007, after Inverness Medical Innovations acquired his previous company, San Diego-based Biosite, for $1.8 billion; Amylin Pharmaceuticals founder Howard “Ted” Greene; Dick Allen, a prominent startup investor; John Livingston, a former executive with MiniMed; Tandem founder Paul DiPerna; Jesse Treu of Domain Associates; Keith Grossman of TPG Biotech; Doug Roeder of Delphi Ventures; and Ed Cahill of HLM Venture Partners.
An estimated 23.6 million people in the United States have diabetes, according to the American Diabetes Association. Type 1 diabetes, also known as juvenile-onset diabetes, occurs when the body loses insulin-producing cells in the pancreas.