Companion Medical Announces $3M Series B Funding Led by Eli Lilly for Smart Insulin Pen Development

Companion MedTech, a San Diego-based medical device company dedicated to the discreet development of Bluetooth-enabled insulin injection pens and their companion apps, recently announced the completion of its Series B financing round. The round totaled approximately $3 million and was led by Eli Lilly.

Although the company had been in existence for only 16 months, Companion Pharmaceuticals secured $400,000 in funding from Diamyd Medical AB in 2014. A representative from Eli Lilly and Company will continue to oversee the collaboration with Diamyd in his capacity as a member of Companion’s Board of Directors.

Sean Saint, current Chairman and CEO of Companion, stated in the released announcement, “We are thrilled to have a major company like Eli Lilly lead our Series B financing round. It is worth noting that Eli Lilly is a leader in the insulin industry. Its drugs and devices for diabetes treatment are renowned worldwide. Therefore, we greatly look forward to their participation, which will help bring our developed devices to market one day.”

Saint, a seasoned engineer, previously held positions at Dexcom and Tandem Care. Although his company maintains strict confidentiality regarding the specifics of its product development, insights can still be gleaned from articles on its official website. These articles note that patients with type 1 diabetes currently rely predominantly on insulin infusion pumps for administration, and that the company’s product is dedicated to improving these devices.
The article states in detail: “Although insulin infusion pumps are widely recognized as the most effective treatment device, a significant number of diabetes patients are still unable or unwilling to use them. Our company is developing a superior, lower-cost medical device that integrates the advantages of existing devices with advanced data management technologies. Once successful, this device will address the global shortage of insulin supply.” VCBeat reminds readers that this product is still under development.

Shortly before Eli Lilly decided to invest, the company had already announced plans to establish a new research and innovation center. Located in Kendall Square in Cambridge, Massachusetts, this research center will primarily focus on specific aspects of diabetes research, with the aim of increasing the supply of medications on the market and upgrading medical devices.

Divakar Ramakrishnan, Vice President of Drug Research and Development and Supply at Eli Lilly and Company, will head the newly completed research center. In a recent statement, he said, “Our company is placing greater emphasis on providing the most comprehensive range of services to the entire diabetes industry, one of which is improving the efficiency of diabetes treatment through innovative healthcare approaches. The compact injection pen developed by Companion, along with its associated app, perfectly exemplifies this innovative approach to healthcare. Eventually, this new model of care will fully meet the medication needs of millions of people with diabetes.”

Compiled by: Zhou Changling Editor: Luo Xiaosou