Asante Solutions registered for a $45 million initial public offering for its modular Snap insulin pump, which is designed to use pre-loaded insulin cartridges.
The Sunnyvale, Calif.-based company, which 1st filed a confidential registration with the SEC last October, said it plans to list on the NASDAQ exchange under the PUMP symbol.
Asante Solutions claims the Snap device as the 1st to feature pre-filled insulin cartridges and pump bodies designed for disposal after a week. The company said the modular design "enables a novel, consumer-oriented business model with free trials, $99 upgrades and lower upfront costs."
The Snap system is available for a free, 28-day trial period, according to Asante’s filing. Upgrades to its remote controller, designed to be used for 4 years, go for $99 per update. Asante said the up-front cost of its device is $1,000, compared to the $4,000 to $6,000 cost of traditional pumps.
The Snap system won 510(k) clearance from the FDA in January 2013 for patients over age 21, for use with Eli Lilly‘s (NYSE:LLY) Humalog insulin cartridges. Asante said the Humalog cartridges own a roughly 50% share of the pre-filled insulin cartridge market.
"We initiated a limited launch in the 2nd quarter of 2013 and intend to use the proceeds of this offering to accelerate commercialization of the Snap system in the United States," the company said in the filing.