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Insulet Receives $60 Million Funding Commitment
Date:3/16/2009

Credit Facility Secured with Deerfield Management

BEDFORD, Mass, March 16 /PRNewswire-FirstCall/ -- Insulet Corporation (Nasdaq: PODD), the leader in tubing-free insulin pump technology with its OmniPod(R) Insulin Management System, today announced that it has entered into an agreement with leading healthcare investor, Deerfield Management Company, to provide Insulet with up to $60 million in financing through a flexible credit facility.

"We are pleased that Deerfield, an acknowledged leader in health care investing, sees the potential of our business strategy and that we now have a flexible credit facility enabling us to continue to expand the market for the OmniPod System," stated Duane DeSisto, President and Chief Executive Officer of Insulet Corporation. "This $60 million facility is an attractive form of financing that limits dilution for our shareholders and gives Insulet access to capital to fuel our growth."

Under the terms of the agreement, Deerfield will provide Insulet with $27.5 million within fifteen business days of signing and has committed up to $32.5 million in additional funding to be drawn by Insulet at its discretion over the next twenty months based on the achievement of certain financial performance milestones. Any amounts drawn will accrue interest until maturity at a rate of 9.75 percent per annum which is payable on a quarterly basis. Insulet will pay a 2.75 percent per annum interest rate on undrawn amounts. The funds drawn are repayable in September 2012.

"The OmniPod System is an innovative product with significant growth potential in the diabetes market and other applications," commented Howard Furst, MD, Partner, Deerfield Management Company. "We are confident in the strength of Insulet's business strategy and are pleased to be facilitating the continued expansion
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SOURCE Insulet Corporation
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