Intuity Medical, the US-based diabetes management technology provider spun off by semiconductor technology developer Sarnoff Corporation, has filed for an initial public offering on the Nasdaq Global Market.
Spun off in 2002, Intuity has developed a blood glucose monitoring device called Pogo as well as a cloud-based diabetes monitoring system called Patterns that manages glucose on behalf of users. Sarnoff has since been since folded into its parent company, SRI International.
Proceeds from the offering will be used to boost manufacturing of the Pogo Automatic system, as well as for commercialisation, marketing activities and continued research and development. The company has set a placeholder target of $75m.
Intuity raised $42.5m from investors including Accuitive Medical Ventures, Investor Growth Capital, KCK Group, PTV Healthcare Capital, US Venture Partners, Luther King Capital Management and Versant Ventures in 2018 for the first tranche of a $70m round, adding $26.3m in May 2019 according to a regulatory filing.
PTV Healthcare led a $40m tranche of an earlier round – billed as a series 3 – in 2016, joining Luther King Capital Management, Accuitive Medical Ventures, Investor Growth Capital, US Venture Partners, Venrock and Versant Ventures, taking Intuity’s total debt and equity financing to $196m. It extended the round by $15m the following year.
Luther King Capital is the largest Intuity shareholder, with 21.4% of its shares, followed by KCK (19.5%), PTV (18.2%), US Venture Partners (9.5%), Neuberger Berman (8.3%) and Versant Ventures (7.7%). Goldman Sachs, Jefferies, Piper Sandler and Raymond James are underwriters for the offering.
