DexCom (DXCM)

DXCM, based in San Diego, California, is an emerging medical device company focused on the design and development of continuous glucose monitoring systems for people with diabetes. Diabetes is a chronic, life-threatening disease and is characterized by body's inability to produce or effectively utilize hormone insulin in normal metabolism. Insulin is a hormone produced by the pancreas and controls the flow of glucose from blood into our cells. Typically sustained high levels of blood glucose indicate impaired insulin production and mark the presence of diabetes. The company is currently engaged in the development of two continuous glucose-monitoring (CGM) systems: a short-term system with a sensor that can be inserted by a patient, and a long-term system with a sensor that can be implanted by a physician. A key element of DXCM's monitoring system technology is the continuous measure of patient's blood glucose level and transmission of that information to a small cell phone-sized receiver in real time. DXCM's monitoring systems aim to provide real-time continuous blood glucose values, trend data and alerts to assist patients in managing their blood glucose levels. In contrast, currently available self-monitoring systems use disposable test strips to test blood sampled at discrete points in time. The company was founded in 1999 and listed on April 19, 2005 through the issue of 4,700,000 shares of common stock, raising $52.5M. DXCM has eight issued U.S. patents expiring prior to 2021, and 60 additional U.S. patent applications pending. In 1Q06 DXCM received Food and Drug Administration (FDA) approval for its STS Continuous Glucose Monitoring System, which was subsequently launched nationally on March 28, 2006.

On January 7, 2008, DXCM announced it had entered into a non-exclusive development and supply agreement with Insulet Corporation to integrate DXCM's continuous glucose monitoring technology into Insulet's wireless, handheld OmniPod System Personal Diabetes Manager (PDM). The PDM with DXCM technology will combine the functionality of both systems' handheld receivers into one single handheld wireless device, eliminating the need for a separate receiver. Financial details were not disclosed.

On January 10, 2008, DXCM announced it had entered into a joint development agreement with Animas Corporation to integrate DXCM's continuous glucose monitoring technology into Animas insulin pumps. Under the terms of the agreement, Animas will contribute up to $750,000 to DXCM to offset certain development, clinical and regulatory expenses. The agreement is non-exclusive and does not impact either party's existing third party development agreements.

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