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Medingo Readies For US Launch With $27 Million

Monday, November 26, 2007 6:00:00 AM PDT | VentureDeal Staff

YOQNEAM ILLIT, ISRAEL -- Medical device company Medingo Ltd. has completed a round of new venture capital investment, receiving $27 million from existing investors.

Medingo is developing a miniature dispensing patch for insulin-dependent diabetic patients.  The device promises to be more cost effective than standard insulin pumps and may increase compliance by diabetic patients.

Elron Electronic Industries and Radius Ventures invested in the round.  The company is preparing for FDA approval and plans to launch in the U.S. upon approval.

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