Insulet drums up $85M from Cannacord Genuity

January 14, 2013 by MassDevice staff

Insulet raises $85 million in a private placement with Cannaccord Genuity.

insulet logo

Insulet (NSDQ:PODD) inked a private placement deal with Canaccord Genuity for $85 million worth of its common stock.

The Bedford, Mass.-based insulin management company said it plans to use the fund for marketing its OmniPod insulin pump and product development,
the company said.

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Canaccord Genuity might underwrite a 30-day option to purchase another 15% of shares offered, according to a press release.

Last month, Insulet landed an FDA nod for the next-generation OmniPod insulin pump, which is about 38% smaller and 25% lighter while maintaining the same features as existing devices.