Tandem Diabetes Care Inc. has developed the t:slim insulin pump delivery system combing the first touch-screen pump and a therapy management software called t:connect. The company began shipping the U.S. Food and Drug Administration-cleared device in late August. It comes with a USB port and cable that can transfer data captures in the device to any Internet-enabled Mac or PC.
Company name: Tandem Diabetes Care Inc.
Industry: health IT/medical devices
Location: San Diego, California.
Money raised: $36.4 million of $50 million goal.
How it will be used: The money will be used to expand the company’s sales and marketing capacity. It will also be used to fund customer support systems and in research and development, said a company spokesman
Investors: Domain Associates, Delphi Ventures, TPG Biotechnology, HLM Venture Partners, Howard Greene Jr. and John Livingston.
Market opportunity: The global diabetes device market is projected to grow to $25.3 billion, up from $17.7 billion last year. A spokesman for Tandem Diabetes said the U.S. insulin pump market is $1.5 billion, but only one-third of type 1 diabetes patients use an insulin pump, which represents a significant opportunity for the company.
Competitors: Medtronic, Johnson & Johnson and Roche.
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By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
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