By Lisa Kerner
Erie, Pa., Feb. 16 - Insulet Corp. said it has raised $50 million in financing from an investor group led by OrbiMed Advisors LLC.
Proceeds from the financing will be used to expand Insulet's capacity to produce its OmniPod Insulin Management System, a continuous, subcutaneous insulin delivery system. Officials said funding will also be used for additional product development, ongoing clinical work and expansion of the company's sales force.
In addition to OrbiMed, the investor group included The Federated Kaufman Fund, along with existing investors Alta Partners, Pequot Ventures, Prism Venture Partners, Schroeder Ventures Life Sciences, and Versant Ventures.
Insulet, located in Bedford, Mass., is a privately held diabetes management company.
| Issuer: | Insulet Corp.
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| Issue: | Private financing
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| Amount: | $50 million
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| Investors: | OrbiMed Advisors LLC (lead), The Federated Kaufman Fund, Alta Partners, Pequot Ventures, Prism Venture Partners, Schroeder Ventures Life Sciences, Versant Ventures.
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| Announcement date: | Feb. 16
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