San Diego-based Companion Medical said the funds are slated to help pursue FDA 510(k) clearance for its Bluetooth-enabled insulin pen and connected smartphone app.
“Lilly is focused on delivering the broadest portfolio of diabetes treatments in the industry, including innovative delivery methods to advance the treatment of diabetes. Companion’s smart pen and app represent innovation that could one day fill a gap for millions of people with diabetes,” Eli Lilly vice president for delivery & device R&D Divakar Ramakrishnan said in a prepared statement.
The company is developing an insulin injecting pen that connects to smartphones via bluetooth and sends data back, tracking insulin dosage and timing, the company said. The app allows patients to track and calculate doses, and set alarms for future doses.
“We are very excited to have Lilly as the lead investor in our series B financing. Lilly is a global leader in insulin, as well as other medicines and devices in the international diabetes space, and we look forward to their involvement in potentially bringing our device to market,” CEO Sean Saint said in prepared remarks.