PRESS RELEASE: DreaMed Diabetes and Medtronic Enter Strategic Collaboration
PETAH TIKVA, Israel, Apr 06, 2015 (BUSINESS WIRE) -- DreaMed Diabetes, developer of diabetes treatment and management solutions, announced today that it had signed an exclusive worldwide development and license agreement with Medtronic, the world's premier medical technology and services company, for the development and marketing of products incorporating DreaMed’s MD-Logic Artificial Pancreas algorithm in Medtronic’s insulin pumps.
Under the terms of the agreement, DreaMed Diabetes will receive undisclosed royalties from future sales of each device utilizing MD-Logic. Medtronic will be responsible for all development and marketing of such devices. In addition, Medtronic has made a minority investment in DreaMed Diabetes of $2 million.
DreaMed Diabetes’s CE approved GlucoSitter™, which is based on the MD-Logic Artificial Pancreas algorithm, is a fully-automated, artificial-pancreas system for controlling glucose levels. The system links the glucose sensor with the insulin pump through computerized control algorithms. It uses data of glucose levels from a continuous glucose sensor, analyzes them and directs the insulin pump to deliver the correct dose of insulin that should be released to the body in order to maintain balanced blood glucose. In effect, the software continuously monitors glucose levels, and defines precisely when and how to adjust insulin levels. more: http://www.marketwatch.com/story/dreamed-diabetes-and-medtronic-enter-strategic-collaboration-2015-04-06