Insulution Digital Health are preparing to launch the Micropen, a miniature insulin delivery device offering a replacement for insulin syringes, pumps and pens.
Most existing insulin delivery systems are large, cumbersome, indiscreet and expensive.
The Micropen offers diabetics a real alternative to insulin pens, pumps and syringes by providing a small, low cost and convenient solution that provides a noticeable improvement in quality of life.
The Micropen is a key component of our comprehensive solution for diabetes management that includes our Diabetes Management App and digital diabetic test lab.
We have interest from manufacturers producing insulin and glucagon in the US and Europe who wish to supply the Micropen with their product. A clinical trial is currently underway in the US using the Micropen as the delivery device. We have been contacted by medical product distributors who wish to sell the product in multiple countries.
Following a visit to China, we have selected a specialist factory who are ready to start building a production line as soon as our ICO is complete or a large order is secured. We expect the production line build will take four to six months with a further month or two to obtain a CE certificate, which allows exports to many countries including the EU. Additional licences will be required for some countries including the United States (1-2 months) and China (up to a year).
We aim to capture 3% of the market in each country that we target for exports. Based upon market research and an extremely positive response to the product we believe this is a highly conservative figure. In due course, with the right marketing budget, we believe 10% of the addressable market is achievable in many countries. Market research has shown that more than 30% of Diabetics would prefer the Micropen over the existing products in the market. A limited supply of fully working samples is available upon request.