Medtronic acquires EOFlov for its wearable insulin patch technologies

The EOFlo device will be integrated into Medtronic’s meal detection algorithm

Just more than 37 million Americans have diabetes, and roughly 31% of these individuals are treated with insulin, which comes with its personal dangers: It can lead to insulin getting mis-dosed, which means either also tiny or also substantially is injected, or it is performed at the incorrect time. in issues such as hypoglycemia, hyperglycemia, substantial glycemic excursions or diabetic ketoacidosis.

To assist resolve this trouble, South Korean enterprise EOFlov has created a device known as the EOPatch, which options microfluidic technologies made to provide insulin with higher precision and reliability though minimizing the threat of insulin occlusion, recognized as a blockage that prevents the pump from delivering insulin adequately.

Now the enterprise will be capable to present its technologies to even additional people today, as medtech enterprise Medtronic plc announced Thursday that it has entered into a series of definitive agreements to obtain EOFlov and its technologies.

Beneath the agreement, Medtronic will obtain all of its shares in EOFlov at a cost of KRW 30,000 ($22.57 USD). In addition, pursuant to the share subscription agreement with EOFlov, Medtronic will also obtain new shares at a cost of KRW 24,359 ($18.32), which will be employed to fund EOFlov’s operational and investigation and improvement needs. In total, this brings the acquire cost, which is anticipated to close in the second half of this year, to KRW 971 billion, or $738 million.

The EOPatch device is a tubeless, wearable, entirely disposable external insulin injection device that automatically injects insulin from outdoors the physique. The device is made to be discreet, so it can be worn on unique components of the physique.

In the future, it will be integrated into Medtronic’s Meal Detection Technologies algorithm, which gives insulin to assist account for when customers neglect to bolus or underestimate the quantity of carbohydrates in their meal, as properly as the company’s continuous glucose monitor (CGM). The 780G technique insulin pump, which was authorized by the FDA a month ago.

Founded in 2011, Seongnam, South Korea-primarily based EOFlov, which also has offices in San Jose, is authorized to marketplace EOPatch in Europe, South Korea, Indonesia and the United Arab Emirates EOPatch initially launched in South Korea in April 2021, followed by September 2022 in Europe, though also receiving the UAE in the exact same month. It also received Indonesia’s approval in October 2022. As of the finish of 2022, EOFlov had more than 600 EOPatch customers in Korea.

The enterprise is not but authorized for the US marketplace, even though it submitted its application to the FDA in December previously received a breakthrough device designation for the EOPancreas Technique, its closed circuit automatic insulin delivery/artificial pancreas device, in 2019.

“We are thrilled to accelerate our subsequent phase of development with a companion like Medtronic that shares our aim of simplifying diabetes management to make life much easier for the prospects we serve,” mentioned Jesse J. Kim, CEO and founder of EOFlov in a statement.

“With each other, we will operate to advance innovation in wearable insulin patch technologies to extend our attain to additional people about the globe living with diabetes.” With a worldwide footprint in more than one hundred nations, the potential to swiftly scale up production, and sophisticated software program and sensor capabilities, Medtronic is an best strategic companion for EOFlov.”

(Image supply: eoflov.com)