There's a story running on CNN Money about the progress of Oramed Pharmaceuticals' insulin capsule, which is currently under development. The capsule, taken orally, could provide a more convenient way for diabetics to get insulin than through shots. And popping a gel cap would, needless to say, also be more convenient than toting and blowing on one of those big old clunky Exubera inhalers.

In the quest to get its product to market, Oramed needs cash, and lots of it. Answering the call, a combination of private investors are putting up more than two million dollars in financing for the Israel-based company.

It's hoped the money will help to propel the insulin capsule through completion of Phase 1 (drug safety) trials by the middle of next year. Said Oramed CEO Nadav Kidron, "This investment marks a milestone for Oramed's stability, allowing the company to fully focus on its research and development efforts and complete its phase 1 product trials."

Stay tuned.

Medtronic, one of the largest manufacturers of insulin pumps and continuous glucose monitors, issued a call to action request for insurance companies. The need for greater coverage on continuous glucose monitors is as important (and as necessary) as the rising demand for insulin pumps.

The president of Medtronic's diabetes division, Chris O'Connell, urged the insurance companies to consider the vast growth of the company - which was measured as considerably faster than the industry average, with sales climbing 24% in the last quarter. The device was approved for adult patients last year and U.S. regulators approved an expanded edition for use in children. The continuous glucose monitor alerts diabetics to dangerous spikes or dips in their blood sugar levels via wire-like sensors inserted under the skin that measure glucose levels and transmit the data wirelessly to a pager-size receiver.

The company plans to conduct clinical studies to demonstrate the cost effectiveness of the technology. Presumably, after two to three years of clinical trials, the evidence will be conclusive enough for insurance companies to consent to providing greater coverage for this continuous glucose monitoring.