|Tandem Diabetes Care pulled in $36.4 million to market its t:slim insulin pump--courtesy of Tandem Diabetes Care|
Tandem Diabetes Care just launched its t:slim touch-screen insulin pump in the U.S., and now the company has $36.4 million to market it, thanks to an in-progress funding round.
Tandem is looking to raise $50 million total, ramping up sales for the device it says is 25% slimmer than other 300-unit insulin pumps. The credit card-sized device got 510(k) clearance last winter, and Tandem began shipping the first t:slim units at the end of August. The device interfaces with the company's t:connect therapy-management software, allowing patients and physician to keep tabs on readings and health data.
The company told MedCity News it estimates the U.S. insulin pump market to be about $1.5 billion, and the global marketplace for diabetes devices is projected to grow to more than $25 billion by 2018, buoyed by regulatory reforms in emerging markets.
And Tandem has further ambitions for its technology. In February, the company inked a deal with DexCom ($DXCM) to share capabilities, looking to pair t:slim with that DexCom's continuous glucose management device, creating an all-in-one diabetes tech.