The product, which straps on the wrist and alerts users to dangerously low blood sugar levels, sold out last year, and since then maker Diabetes Sentry Products has been trying to raise $250,000 for replenishing the inventory.

The company looking for the right investor, though the weak economy has made the search tougher, says Michael Russin, vice president of sales and marketing, in a Star Tribune interview.

But would-be investors are likely wary of the product’s seeming outdated in short order, according to the Star Tribune. Bigger medical technology companies — including Abbott Labs, Dexcom and Medtronic – are in the market. Medtronic is known to be studying ways to relay its monitor’s readings to cell phones.

But while the Diabetes Sentry retails for $495, Medtronic estimates that its integrated system will cost about $1,500 at first, plus $1,000 annually in maintenance fees.

Diabetes Sentry’s cost and simplicity guarantee it will have its own market, Russin says.

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Under development for 15 years, the laptop-sized device relies on Raman spectroscopy, a technology capable of analyzing chemical compounds on the basis of their molecular vibration, according to a report in CNET News. Near-infrared light is flashed into the skin, penetrating about a half a millimeter. Though not deep enough to draw blood, the light travels just far enough to reach the interstital fluid surrounding skin cells, from which glucose can be measured.

There is a lag of up to 10 minutes between the time it takes glucose to spike in the bloodstream and its spike in the fluid, but the MIT researchers are trying to account for that through an algorithm for predicting blood glucose based on measurements of interstitial fluid glucose.

The researchers carried out a small study on human volunteers and plan another this fall, CNET also reports. The technique is described more fully in a recent edition of Analytical Chemistry.

The Pittsburgh-based company already offers the program in Columbus and Toledo, Ohio. It is one of the most extensive programs of its type in the country. The idea behind such programs is to build customer loyalty by offering the free drugs with the expectation that customers will buy other, potentially more expensive groceries, products, and diabetes supplies.

The company said that the Giant Eagle Advantage Card can help it track prescriptions as well as potentially recalled items. It will also offer free diabetes screenings.

Diabetes News Hound earlier reported that grocery chain and pharmacy Price Chopper launched a similar program in 70 pharmacies in six Northeast U.S. states (See Supermarket Chain to Offer Customers Free Diabetes Drugs). Florida-based Publix Super Markets has a similar program as well.

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This year’s crop looks really interesting and includes items called “Finn the Glucose Fish,” which is for kids, “Test Drive,” which is for diabetics when behind the wheel, and “Zero,” a unique insulin pump and test idea. (Note: Story continues below each video)

Three Grand Prize winners were chosen from 130 unique submissions. They each will receive $7,000, a consulting session with Health and Wellness experts at IDEO, a global design and innovation firm, as well as a free ticket to the “innovation incubator” Health 2.0 Conference in San Francisco in October. The winners will also receive assistance in getting their idea off the ground, including introductions to Silicon Valley investors and experts, and hands-on assistance with commercialization of the idea.

Two additional winners were awarded $1,000 each for the “Most Creative Idea” and the “Best Kids’ Concept” for those 17 years old and younger.

And now to the winners!

FINN THE GLUCOSE FISH – This grand prize winner helps to make glucose testing appealing to kids by packaging it in a “PlaySkool-like monitor”, according to DiabetesMine. It has big buttons and bright colors and is packages in a nautical case. Finn the Glucose Fish was submitted by Samantha Gustafson, a University of California design student.

TEST DRIVE – Also a grand prize winner, this driving safety system would help people with diabetes when behind the wheel of a car or truck. It would prevent people from getting behind the wheel when their sugar levels are too low. One of the biggest dangers for a person with diabetes when behind the wheel is the potential for hypoglycemia, or low blood sugar levels, which can cause seizures, dizziness, fainting and disorientation. Barbara McClatchey submitted the idea, which is still in the rough stages.

Recently, Diabetes News Hound ran an article about 59-year old Leonard Campos, who is charged with manslaughter after he passed out behind the wheel due to a low blood sugar and killed a pedestrian. (See: Man Pleads Not Guilty in Diabetes Car Crash Death)

ZERO – This grand prize winner is a visionary concept and not yet real. It is essentially a tiny artificial pancreas worn as an armband, according to DiabetesMine. It was submitted by professional designer Mauro Amoruso.

IN SUE LIN’S WORLD – This community award winner won a $1,000 prize for the most creative idea. It’s a cute cartoon-like interactive game that helps children learn about many aspects of diabetes. It aims to help kids learn about how food impact blood sugar levels and when to take insulin shots. Susan Stiles of start-up company Oak Grove Technologies, submitted the application, which can link up with mobile devices or included in blood sugar monitoring systems.

AniMETER – This animal-shaped glucose meter was awarded a $1,000 prize in the special category for submissions made by people under the age of 17. Sixteen-year old Megan Khoury came up with the idea for the talking meter that plugs into the computer via a USB port. Users are then connected to www.AniMeter.com, which would have games for the kids and live chats for parents, who can connect with doctors.

Visitors to Diabetes Mine voted on their favorite designs. That helped narrow the field to 10 finalists, which were ultimately evaluated by a group of judges. DiabetesMine is run by San Francisco-based journalist Amy Tenderich, who does a really nice job with it. I encourage you to check out DiabetesMine this week to see more in-depth information on some of the winners.

Below is another interesting submission I found on YouTube. Its called GlucoBand and is an idea for a bracelet-like continuous glucose monitor.

The 2009 competition winner was a system that converted an iPhone into a controller for a glucose monitor and insulin pump.

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The agency posted a notice Friday indicating that it has not yet reached a conclusion and saying that it believes the benefits of the drug from Daiichi Sankyo still outweigh the risks.

In the trials, people with Type 2 diabetes were given Benicar or a placebo. The goal was to determine whether the drug slows the progression of diabetes or kidney disease. In the larger of the two trials, data indicates that the drug does, in fact, slow the development of kidney disease.

However, researchers also found in both trials that the group given the drug also experienced a greater number of deaths from heart attack, stroke or sudden death when compared to patients given the placebo. In the larger study of about 4,400 patients, there were about 15-heart related deaths in the Benicar group versus three deaths in the placebo group. In the smaller study, which had 557 patients, there were 10 heart-related deaths among the group taking Benicar vesus three deaths in the placebo group.

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The agency also said that Dexcom needs to update the warning labels on its Seven and Seven Plus monitoring systems to indicate the devices have not been approved for use in children, adolescents, patients on dialysis or pregnant women. DexCom’s CEO said the labels already indicate the products should not be used by these groups, but that the company would update the labels to emphasize this point.

The company says it has received 73 complaints about the splinter fragments between January 2008 and March 2009. Last year, one of those incidents required a 30-month old child to go to the emergency room due to an infection in the skin surrounding the broken wire. Another child had to be given anesthesia to remove the wire fragment. The FDA requires firms to report incidents when there is a likelihood they could contribute to death or serious injury.

The FDA’s letter warned of a civil lawsuit if the company does not take steps to remedy the situation within 15 days.

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People with Type 1 diabetes do not produce the blood sugar-regulating hormone and must inject it into their bodies. The body, however, breaks that insulin down rather quickly. The researchers say they have developed tiny molecules that work against the agents that ‘chew up’ insulin, allowing it to remain in the body longer and remove sugar from the bloodstream.

The liver naturally destroys about half the insulin made by the pancreas. The molecules help curb that destruction. While such research is promising, an actual medication to improve the performance of insulin would still need to be developed.

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In addition, the company, announcing the results of a two-year Phase III clinical study at a Boston meeting of the American Association of Clinical Endocrinologists, said that people taking the inhaled insulin lost weight and showed fewer incidents or hypoglycemia, or low blood sugar.

Those taking Afrezza showed 0.29 percentage point reduction in A1C test scores, while those in traditional insulin therapy group showed a 0.31 percentage point drop in score. A1C tests measure the blood sugar levels over a period of several months. People with Type 1 diabetes do not produce insulin and therefore must supply the body with the hormone in order to regulate the level of sugar in the blood.

The company said in a statement that “the pattern and magnitude of changes in lung function associated with the use of Afrezza in patients with Type 1 and Type 2 diabetes are not likely due to any structural alterations in the lungs and are not clinically meaningful.”

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