Insulet, a Bedford, Mass, developer of continuous insulin-infusion devices for diabetics, sold 7.7 million shares in an IPO, raising approximately $115 million before fees. The offering was priced at $15 per share, in the middle of Insulet’s range of $14 to $16. Insulet shares rose 6.9% on their first day of trading.
The company manufactures a patch-style device that continuously infuses insulin through the skin via a flexible needle-like tube, combined with a wireless device that programs the insulin release. Although Insulet has been selling the system since 2005, it hasn’t turned a profit; VentureWire reports that the company hasn’t been able to manufacture the devices in bulk at a low enough cost to reverse its losses. Insulet’s IPO release is here.