Fri. Jun 9th, 2023

EOFlow’s device will be integrated into Medtronic’s Meal Detection Technologies algorithm

Over 37 million Americans alone have diabetes, and roughly 31% of these sufferers are treated with insulin, which comes with its personal dangers: incorrect insulin dosing, which means either injecting also small or also significantly, or undertaking it at the incorrect time, can outcome in troubles such as hypoglycemia, hyperglycemia, wide glycemic excursions, or diabetic ketoacidosis. 

To aid resolve for this, South Korean firm EOFlow has created a device referred to as the EOPatch, which attributes microfluidic technologies made to provide insulin with larger accuracy and reliability, though also minimizing the threat of insulin occlusion, aka a blockage that prevents the pump from delivering insulin effectively

Now the firm will be capable to get its technologies out to even extra persons as medtech firm 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 price tag 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 price tag per share of KRW 24,359 ($18.32), which will be made use of to fund EOFlow’s operational and investigation and improvement needs. In total, this bring the price tag 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, totally 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 gives insulin to aid 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 industry 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, though also obtaining the U.A.E. the very 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 firm is not but authorized to industry 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 Program, 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 aim of simplifying diabetes management to make life less complicated for the shoppers we serve,” Jesse J. Kim, CEO and founder of EOFlow, mentioned in a statement. 

“Collectively, we’ll operate to advance innovation in wearable insulin patch technologies to expand our attain to extra people about the planet living with diabetes. With a international footprint in more than one hundred nations, potential to scale up manufacturing swiftly, and sophisticated application and sensor capabilities, Medtronic is the best strategic companion for EOFlow.” 

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By Editor

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