The Food and Drug Administration said it approved Medtronic's artificial pancreas, the first approved device of its kind, Wednesday afternoon. The wireless MiniMed 670G hybrid closed looped system, which Medtronic filed for approval for in late June, eliminates much of the work typically done by patients, measuring glucose levels every five minutes and automatically administering insulin when needed. It includes a sensor that attaches to the body, an insulin pump that is strapped to the body and an infusion patch that delivers insulin to the pump. The device is intended for patients with type 1 diabetes, who are typically diagnosed as children or young adults and make up about 5% of the overall diabetes population. Medtronic shares rose 2.9% over the last three months, compared with a 6.1% rise in the S&P 500 .
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