Medtronic buys EOFlow for its wearable insulin patch technology

Steven Loeb · May 25, 2023 · Short URL:

EOFlow's device will be integrated into Medtronic's Meal Detection Technology algorithm

Over 37 million Americans alone have diabetes, and approximately 31% of those patients are treated with insulin, which comes with its own risks: incorrect insulin dosing, meaning either injecting too little or too much, or doing it at the wrong time, can result in problems such as hypoglycemia, hyperglycemia, wide glycemic excursions, or diabetic ketoacidosis. 

To help solve for this, South Korean company EOFlow has developed a device called the EOPatch, which features microfluidic technology designed to deliver insulin with higher accuracy and reliability, while also minimizing the risk of insulin occlusion, aka a blockage that prevents the pump from delivering insulin properly

Now the company will be able to get its technology out to even more people as medtech company Medtronic plc announced on Thursday that it has entered into a set of definitive agreements to acquire EOFlow and its technology. 

As per the agreement, Medtronic will acquire all of its shares in EOFlow at a price per share of KRW 30,000 ($22.57 in US dollars). In addition, pursuant to a share subscription agreement with EOFlow, Medtronic will also acquire new shares at a price per share of KRW 24,359 ($18.32), which will be used to fund EOFlow's operational and research and development requirements. In total, this bring the price of the acquisition, which is expected to close in the second half of this year, to KRW 971 billion, or $738 million.

The EOPatch device is a tubeless, wearable, fully disposable, external insulin injection device that automatically injects insulin from the outside of the body. The device is designed to be discreet, so it that can be worn on various parts of the body.

Going forward it will be integrated into Medtronic's Meal Detection Technology algorithm, which provides insulin to help account for when users forget to bolus, or they underestimate the number of carbs in their meal, as well as the company's continuous glucose monitor (CGM), the 780G system insulin pump, which was approved by the FDA a month ago.

Founded in 2011, the Seongnam, South Korea headquartered EOFlow, which also has offices in San Jose, is authorized to market the EOPatch in EuropeSouth KoreaIndonesia, and the United Arab Emirates; the EOPatch initially launched in South Korea in April 2021, and then in September 2022 in Europe, while also obtaining the U.A.E. the same month. It also obtained Indonesia approval in October 2022. As of the end of 2022, EOFlow had over 600 EOPatch users in Korea.

The company is not yet approved to market in the U.S., though it did submit its application to the FDA in December; it did previously receive Breakthrough Device Designation for the EOPancreas System, its closed loop Automated Insulin Delivery /Artificial Pancreas Device, in 2019.

"We're thrilled to accelerate our next phase of growth with a partner like Medtronic who shares our goal of simplifying diabetes management to make life easier for the customers we serve," Jesse J. Kim, CEO and founder of EOFlow, said in a statement. 

"Together, we'll work to advance innovation in wearable insulin patch technology to expand our reach to more individuals around the world living with diabetes. With a global footprint in over 100 countries, ability to scale up manufacturing quickly, and advanced software and sensor capabilities, Medtronic is the ideal strategic partner for EOFlow." 

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