Comprehensive M&A data with integrated detailed company information
Cellnovo to pump investors for cash: FT
Posted on Friday, 09 July 2010 13:48
Cellnovo will set the diabetes-related equipment industry alight with its wireless insulin pump but the UK biomedical company needs some venture capital funding to take its device to the next level, the Financial Times (FT) reported.
In an article yesterday the newspaper revealed that chief executive Bill McKeon is confident the group’s insulin pump controller heralds a new dawn for the insulin market and will attract enough interest among backers that raising GBP 25.00 million to commercialise the system could be a breeze.
According to the FT, Cellnovo’s technology appeals to financiers as they understand the advantages the equipment has over other devices in the established wearable insulin pumps sector and can see it has the ability to expand.
The company hopes to complete clinical trials this year and begin to market its product in early 2011.
London-headquartered Cellnovo has developed and produced the world’s first wireless touchscreen insulin patch pump system for diabetes management, according to the website of Advent Venture Partners, one of the group’s leading investors, the other being Healthcare Ventures.
The company claims to have created the smallest pump ever but has not scrimped on the extras, the device is billed to have the largest suite of built-in applications, including a blood glucose metre, food library and activity monitor.
Its information can be sent wirelessly to a secure server, which can be accessed by patients and physicians.
The control device for the new micropump insulin delivery system looks awfully familiar at first glance, bearing more than a passing resemblance to an iPhone. It is a dark, sleek, touchscreen handset – a stark contrast to the intrusive and often ugly pumps in current circulation.
In May 2010 Cellnovo entered into a strategic alliance with Home Diagnostics of the US, a move which involves integrating technologies and developing distribution abilities for the former’s patch pumps.
© Zephus Ltd