Medtronic plc (NYSE:MDT), the global leader in medical
technology, today announced it has completed the acquisition of
Klue, a software company focused on behavior tracking that can
provide real-time insights into when a person is consuming
food. Klue’s technology is expected to be incorporated into
the Medtronic Personalized Closed Loop (PCL) insulin pump system,
currently in development. The PCL system is designed to automate
insulin delivery in a way that is real-time, personalized and
adapts to the user, with a goal of dramatically simplifying
diabetes management for the patient. In addition, the Klue
technology can be leveraged to enhance the company’s market-leading
analytics and insights in their smart1 CGM technology to help
people using multiple daily injections (MDI) stay ahead of high and
low glucose events.
Klue has developed technology that automatically
recognizes when a person is eating as well as how fast and how much
that person consumes. By using gesture sensing via activity
trackers combined with analytics technology, Klue has developed
fine motor artificial intelligence software that can detect meals
and provide insights into user eating behaviors. Because food
consumption is intrinsically related to insulin requirements for
people living with diabetes, the ability to automate meal
identification along with the corresponding insulin delivery is an
unmet need that could greatly simplify living with this
disease.
In February 2019, PCL received Breakthrough
Device designation from the U.S. Food and Drug Administration
(FDA). In addition to Klue, the recent acquisition of Nutrino
Health and their expertise in nutrition data science will play a
key role in the accelerated development of this breakthrough
technology. Both acquisitions strengthen the company’s capabilities
in automation and in the integration of artificial intelligence
into diabetes management systems.
“Bringing Klue and their unique meal detection
capabilities into our organization will accelerate our progress to
help people with diabetes live with greater freedom and better
health,” said Alejandro Galindo, president of the Advanced Insulin
Management division, which is part of the Diabetes Group at
Medtronic. “Based on our learnings from a first-generation hybrid
closed loop system around the importance of simplifying diabetes
management, we believe the Personalized Closed Loop system will be
transformational for diabetes management, and the integration of
the Klue technology helps clears the path to a true hands-free
closed loop system.”
“Klue’s truly unique early meal detection
technology can help transform diabetes care,” said Katelijn
Vleugels, CEO & founder of Klue. “Joining Medtronic creates a
tremendous opportunity to advance diabetes therapies and, together,
we will accelerate our shared mission to help people with diabetes
live their happiest and healthiest lives.”
The transaction is expected to be neutral to
fiscal year 2020 earnings per share and meet Medtronic's long-term
financial metrics for acquisitions. Additional terms of the
transaction were not disclosed.
About KlueKlue, Inc. was a
privately held digital health technology company based in San Jose,
California, developing a groundbreaking operating system for
behavior change and real-time digital therapeutics. Initially
focused on the ability to detect when and how a user eats and
drinks, Klue is building a platform that elevates the more
important consumption patterns and acts “in-the-moment” when the
impact is the biggest.
About the Diabetes Group at
Medtronic (www.medtronicdiabetes.com)Medtronic is
working together with the global community to change the way people
manage diabetes. The company aims to transform diabetes care by
expanding access, integrating care and improving outcomes, so
people living with diabetes can enjoy greater freedom and better
health.
About MedtronicMedtronic plc
(www.medtronic.com), headquartered in Dublin, Ireland, is among the
world's largest medical technology, services and solutions
companies – alleviating pain, restoring health and extending life
for millions of people around the world. Medtronic employs more
than 90,000 people worldwide, serving physicians, hospitals and
patients in more than 150 countries. The company is focused on
collaborating with stakeholders around the world to take healthcare
Further, Together.
Any forward-looking statements are subject
to risks and uncertainties such as those described in Medtronic's
periodic reports on file with the Securities and Exchange
Commission. Actual results may differ materially from anticipated
results.
-end-
1 Smart CGM predicts future high and low
sensor glucose events and provides access to additional algorithms
and insights that can inform users of clinically relevant glucose
patterns.
Pamela ReesePublic Relations+1-818-576-3398
Ryan WeispfenningInvestor Relations+1-763-505-4626
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