• Mon. Jun 5th, 2023

Medtronic buys EOFlow for its wearable insulin patch expertise


May 25, 2023

EOFlow’s system will probably be built-in into Medtronic’s Meal Detection Expertise algorithm

Over 37 million Individuals alone have diabetes, and roughly 31% of these sufferers are handled with insulin, which comes with its personal dangers: incorrect insulin dosing, which means both injecting too little or an excessive amount of, or doing it on the incorrect time, can lead to issues comparable to hypoglycemia, hyperglycemia, extensive glycemic excursions, or diabetic ketoacidosis. 

To assist remedy for this, South Korean firm EOFlow has developed a system known as the EOPatch, which options microfluidic expertise designed to ship insulin with increased accuracy and reliability, whereas additionally minimizing the chance of insulin occlusion, aka a blockage that stops the pump from delivering insulin correctly

Now the corporate will have the ability to get its expertise out to much more folks as medtech firm Medtronic plc introduced on Thursday that it has entered right into a set of definitive agreements to accumulate EOFlow and its expertise. 

As per the settlement, Medtronic will purchase all of its shares in EOFlow at a value per share of KRW 30,000 ($22.57 in US {dollars}). As well as, pursuant to a share subscription settlement with EOFlow, Medtronic may also purchase new shares at a value per share of KRW 24,359 ($18.32), which will probably be used to fund EOFlow’s operational and analysis and growth necessities. In complete, this convey the value of the acquisition, which is anticipated to shut within the second half of this 12 months, to KRW 971 billion, or $738 million.

The EOPatch system is a tubeless, wearable, absolutely disposable, exterior insulin injection system that routinely injects insulin from the surface of the physique. The system is designed to be discreet, so it that may be worn on varied components of the physique.

Going ahead will probably be built-in into Medtronic’s Meal Detection Expertise algorithm, which gives insulin to assist account for when customers overlook to bolus, or they underestimate the variety of carbs of their meal, in addition to the corporate’s steady glucose monitor (CGM), the 780G system insulin pump, which was authorised by the FDA a month in the past.

Based in 2011, the Seongnam, South Korea headquartered EOFlow, which additionally has places of work in San Jose, is approved to market the EOPatch in Europe, South Korea, Indonesia, and the United Arab Emirates; the EOPatch initially launched in South Korea in April 2021, after which in September 2022 in Europe, whereas additionally acquiring the U.A.E. the identical month. It additionally obtained Indonesia approval in October 2022. As of the top of 2022, EOFlow had over 600 EOPatch customers in Korea.

The corporate is just not but authorised to market within the U.S., although it did submit its utility to the FDA in December; it did beforehand obtain Breakthrough System Designation for the EOPancreas System, its closed loop Automated Insulin Supply /Synthetic Pancreas System, in 2019.

“We’re thrilled to speed up our subsequent part of development with a associate like Medtronic who shares our aim of simplifying diabetes administration to make life simpler for the purchasers we serve,” Jesse J. Kim, CEO and founding father of EOFlow, mentioned in an announcement. 

“Collectively, we’ll work to advance innovation in wearable insulin patch expertise to broaden our attain to extra people all over the world dwelling with diabetes. With a worldwide footprint in over 100 international locations, capability to scale up manufacturing rapidly, and superior software program and sensor capabilities, Medtronic is the perfect strategic associate for EOFlow.” 

(Picture supply: eoflow.com)

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