Companion Medical, Inc, San Diego-based medical device company developing advanced systems for delivery of insulin and other drugs, has announced the completion of a series B financing, led by an investment from Eli Lilly and Company.

“We are very excited to have Lilly as the lead investor in our series B financing,” said Sean Saint, president and CEO of Companion Medical. “Lilly is a global leader in insulin, as well as other medicines and devices in the international diabetes space, and we look forward to their involvement in potentially bringing our device to market.”

Lilly’s investment, along with other investors, could potentially enable Companion to complete testing and 510(k) submission to the Food and Drug Administration of its Bluetooth-enabled insulin pen and associated smartphone app, which could address a significant unmet need in the diabetes space.

Divakar Ramakrishnan, vice president for delivery and device research and development at Lilly, noted, “Lilly is focused on delivering the broadest portfolio of diabetes treatments in the industry, including innovative delivery methods to advance the treatment of diabetes. Companion’s smart pen and app represent innovation that could one day fill a gap for millions of people with diabetes.”

Lilly will sit on the Board of Directors of Companion Medical.