Medtronic (NYSE:MDT) announced today that it entered into a set of agreements to acquire insulin delivery technology developer EOFlow.
Seongnam, South Korea-based EOFlow develops the EOPatch, a tubless, wearable and fully disposable insulin delivery device.
EOFlow already launched its EOPatch insulin delivery system in Korea and Europe. The company submitted the insulin delivery device for U.S. FDA clearance in January. EOFlow already has FDA breakthrough device designation on a wearable, integrated artificial pancreas. The disposable device features a glucose monitoring sensor, insulin pump and automated insulin delivery algorithm.
Medtronic plans to add EOFlow’s offerings to its existing diabetes portfolio. That includes its Meal Detection Technology algorithm and next-generation continuous glucose monitor (CGM). The medtech giant just one month ago received FDA approval for its own insulin delivery technology, the MiniMed 780G. MiniMed 780G features the next-generation sensor and Meal Detection Technology, creating a closed-loop artificial pancreas.
“We have not blinked when it comes to diabetes, and we’re shifting to offense as we continue to invest heavily in assembling our ecosystem of durable pumps, smart pens, patch pumps, sensors, algorithms, and customer service with multiple programs under development. Having this ecosystem is really important because we believe the market will move from CGM first to automated insulin delivery, and we are well-positioned for that trend,” Medtronic CEO Geoff Martha said during the company’s earnings call today.
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