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.
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.