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If the investors at Prism Venture Partners are betting right, Type 1 diabetics will someday dispose of their insulin pumps just as many Americans do their contact lenses.
John Brooks and Duane Mason, both general partners at Westwoodbased Prism, founded Insulet Corp. about a year ago. They filed the initial patents, hired the first employee and made a seed investment of about $1 million.
Late last month, Insulet, which is based in Beverly, closed on $11 million in an A round of funding. Versant Ventures of California led the round. Schroder Ventures in Boston and Prism also invested.
The five-employee company is developing a business cardsized, patch-like insulin pump that a Type 1 diabetic would affix to the abdomen. Founders say the patch fits easily under clothing and does not restrict body movement.
A needle in the pump injects the insulin, but causes virtually no sensation, Brooks said.
The pump will be wirelessly connected to a handheld device. If patients keep track of their glucose levels and diet, Brooks said that the handheld would regulate the flow of insulin accordingly.
After three days,...