TEL AVIV, June 18 (Reuters) - Israel's DreaMed Diabetes said on Monday the U.S. Food and Drug Administration has approved for marketing its Advisor Pro software to help manage diabetes treatment.
Advisor Pro is indicated to assist healthcare providers in managing people with type 1 diabetes who use insulin pumps and continuous glucose monitoring. It provides insulin delivery recommendations by analysing information from the pumps and glucose monitoring.
"Type 1 diabetes, managed with greater attention, leads to improved patient quality of life and reduced payer health-related costs," DreaMed CEO Eran Atlas said.
Advisor Pro is targeting around 500,000 U.S. patients with type 1 diabetes who use pumps, and this number is growing, the company said. In February Advisor Pro received regulatory approval in the European Union.
DreaMed has raised $6.5 million from investors including Medtronic, Norma Investments, which represents businessman Roman Abramovich, and Israel's OurCrowd.
In 2015 DreaMed licensed its artificial pancreas technology for integration into insulin pumps made by Medtronic Diabetes. (Reporting by Tova Cohen Editing by Steven Scheer)