MINIMED MAY GET IMPLANT RIGHTS.Byline: Chris Sieroty Staff Writer NORTHRIDGE - MiniMed Inc., which makes insulin pumps and other products for diabetics, announced Wednesday that an affiliated company, Medical Research Group, has started human trials of a long-term implantable glucose sensor. Based in Northridge, MiniMed has entered into an agreement with Medical Research Group whereby MiniMed can acquire the worldwide exclusive marketing rights to the implantable sensor for $30 million. The sensor is implanted intravenously and is connected to, but does not at this time control, an implantable insulin pump located in the abdomen. In the first phase of this trial, the sensor continuously reads blood glucose levels blood glucose level, n level of glu-cose in the bloodstream, normally about 70 to 115 mg/dL after fasting overnight. Higher levels may indicate diseases such as diabetes mellitus. but the data is blinded to the patient. ``This clinical trial marks a major milestone in progress toward achieving our ultimate vision of an implanted artificial pancreas,'' said Alfred E. Mann Alfred E. Mann (born 1925, Portland, OR), who is also known as Al Mann, is an American entrepreneur and philanthropist. He is a billionaire. Born and raised in Portland, his father was English and mother Polish. , executive chairman of MiniMed, in a statement. Mann added: ``While the current trial is not yet evaluating automatic control of insulin delivery in humans, the sensor is connected to the implantable pump implantable pump Therapeutics A device installed under the skin to administer a steady dose of drugs , which has been extensively validated in over 600 patients over almost 10 years.'' Analysts cheered the announcement, but cautioned that the development of the long-term implantable glucose sensor is still advancing down the regulatory pathway. ``It's part of MiniMed's long-term plan to complete an implantable, enclosed looped glucose delivery system,'' said Kevine Kotler, an equities analyst with ING Barings. ``But it's still several years away.'' Kotler said MiniMed remains in the forefront of the $3 billion glucose delivery market. Experts say there are about 3 million people in the United States with type 2 diabetes type 2 diabetes n. See diabetes mellitus. that need insulin injections to prevent the damaging side effects Side effects Effects of a proposed project on other parts of the firm. of the disease, including blindness. Terrance H. Gregg., MiniMed's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said the company will be watching these clinical trials with great interest and is expected to exercise its option to obtain the exclusive rights from Medical Research Group. Meanwhile, Gregg is expected today to release preliminary results of animal studies conducted with a closed loop system, or artificial pancreas at an analysts meeting in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The tests utilized MiniMed's traditional core continuous glucose monitoring glucose monitoring Lab medicine The periodic evaluation of any analyte abnormal in Pts with DM, to assess short and long-term control with antiglycemic agents. See Glucose, Glycated hemoglobin. system, he said. After Wednesday's announcement, shares of MiniMed gained $2.19, or 3.65 percent, to close at $62.19 on moderate volume of 546,500 shares on the Nasdaq Stock Exchange. |
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