SmartCells, Inc. developed SmartInsulinTM, the first glucose-regulated insulin formulation. It addresses the most important challenge for diabetes therapy - achieving tight blood glucose control, without hypoglycemia, to significantly reduce diabetic complications which are debilitating, costly, and pervasive. Proof-of-concept studies in rodents, pigs, dogs and non-human primates demonstrated sugar-responsive performance and showed SmartInsulin formulations to be non-toxic, non-immunogenic and non-antigenic. SmartCells funded its operations with $9.8 million from individual investors as well as $10.7 million in government and foundation grants. It was co-founded in 2003 by Dr. Todd C. Zion during his Ph.D. thesis work at M.I.T. The company was acquired by Merck & Co in 2010 for upfront and milestone-based payments in excess of $500 million.