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

of these opportunities for OmniPod. We believe this performance driven financing aligns the incentives and goals of both investors and management."

In conjunction with the initial $27.5 million draw, Insulet has agreed to issue warrants for 3.75 million shares of common stock with an exercise price of $3.13 per share. As financial milestones are achieved, Insulet may draw from the remaining $32.5 million available in $6.5 million increments. For each additional $6.5 million increment drawn, Insulet will issue additional warrants for 300,000 shares of its common stock with an exercise price equal to 120% of the volume weighted average stock price for the fifteen business day period between the date Insulet notifies Deerfield of its intent to draw and the date the additional funding is provided to Insulet. If Insulet chooses to draw down the entire $60 million credit facility, it will have issued warrants to purchase a total of 5.25 million shares of its common stock. The warrants have a term of six years from the date of each issuance.

J.P. Morgan served as exclusive private placement agent to Insulet on this transaction.

The Company expects to file a Current Report on Form 8-K with the Securities and Exchange Commission that will contain more detailed disclosure concerning this financing and will include as exhibits the principal financing documents.

This news release is neither an offer to sell nor a solicitation of an offer to buy any of the securities discussed herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any state.

About Insulet Corporation

Insulet Corporation is an innovative medical device company dedicated to improving the lives of people with diabetes. The Company's OmniPod Ins
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SOURCE Insulet Corporation
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