Setting the record straight

Setting the record straight

This all started with just one sentence – back on Sunday June 12th we wrote – “Diabetic Investor has heard that Lilly who at one time invested in Companion Medical has decided to terminate that relationship and go with an internally developed “smart” pen.” Information which we obtained from Lilly directly. Information which set of a firestorm of events and lead a Lilly spokeswoman and former diabetes blogger to ripe Diabetic Investor a new one.

When we asked this spokeswoman whether Lilly actually had internal projects in this area she went silent.

The next day we received an email from Greg Kueterman Director of Communications, Lilly Diabetes which stated the following;

“I was alerted that your report about technology advancements in the diabetes space yesterday included a line that said you’ve heard Lilly has ended its relationship with Companion Medical. That is not true. Lilly continues to have a relationship with, and investment in, Companion Medical. I want to make you aware and see if you can correct the information. Many thanks…”

Something we published that same day.

At this point we figured the story was over that was until we started receiving emails from our sources inside Lilly that noted our original piece was indeed accurate. The one caveat was the use of the word terminate, simply put the company did not terminate their relationship with Companion. As one source stated “Perhaps we were a little overzealous in our remarks but we can assure you that the company has decided to move forward with the internal project.”

A project that the company up until today had never officially acknowledged – according to another email from Mr. Kueterman – “We do have internal efforts as well as the publicly known investments in companies such as Companion and Beta Bionics, but we are not yet at liberty to discuss our internal efforts.”

What we don’t understand is why it took so long for Lilly to acknowledge the existence of this internal effort. What like it’s a big secret? As we noted back in our original piece back on the 12th – everyone is working on a way cool whiz bang “smart” insulin pen which send information to the cloud. Diabetic Investor has seen several of these “smart” pens including the one developed by Companion.  Not to disrespect any of these efforts like every other diabetes device they are interchangeable.

Frankly Diabetic Investor has never understood all the secrecy surrounding the various projects companies have in development. Nor in Lilly’s case can we understand why it took them so long to simply confirm the truth. We can certainly understand why they may not want to discuss these projects, but to deny their existence makes no sense especially when the information came from inside the company. This strikes us as just a little paranoid.

This is not the first time nor likely will it be the last time Diabetic Investor receives information from inside a company. Heck our wine drinking friends in France seem to think that we have access to their internal email system. Just to clarify we don’t but we do know which wines they favor – just kidding.

Folks it’s time to stop worrying so much about who knows what, who’s in the LOOP and who’s out of the LOOP. For if there is one thing we have learned about the LOOP it’s that some people just like to stir the pot. They don’t mean anything by it and there is nothing nefarious about their actions it’s just how they roll. So we have some friendly advice for our good friends at Lilly especially their overly vocal spokeswomen, relax and enjoy the ride. There is nothing more fun than this roller coaster ride we call the wacky world of diabetes.