Hygieia recently secured another $1.5 million in capital, right on the heels of a recently released study that shows tremendous potential for the 3-year-old start-up's diabetes treatment technology.
The Ann Arbor-based firm's principal product is the Diabetes Insulin Guidance System, a hand-held device that helps insulin-takers effectively manage their diabetes. The Diabetes Insulin Guidance System adjusts dosage weekly, to aid in patients' treatment. A study presented at the June American Diabetes Association conference helped prove Hygieia's platform.
"They improved so dramatically that it led to everything you have seen this year," says David Bloom, vice president of products for
Hygieia.
That includes a $1.5 million investment from
Oakwood Medical Investors, a physician-managed venture fund in St. Louis. So far Hygieia has raised $3 million in capital from the like of the
National Institute of Health and angel investors. It hopes to complete a Series A round of fundraising within the next year as it looks to launch its Diabetes Insulin Guidance System in the United Kingdom in 2012 and in the U.S. in 2013.
Hygieia, an
Ann Arbor SPARK graduate, employs six people and is currently in the process of adding three more. It expects to add up to a dozen jobs as it launches its product. "There is no way we won't grow," Bloom says.
Source: David Bloom, vice president of products for HygieiaWriter: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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