Insulin Pump Problem to Be Corrected

MiniMed Inc. said it is upgrading its insulin infusion pump Model 508 because of a software programming problem that could result in a diabetic patient receiving an incorrect dosage. MiniMed said it is sending a notice of the problem to purchasers of the pump it distributed from Oct. 4 until Thursday. The Sylmar-based company said the “rare and minor” error has been addressed, and all products shipped beginning Friday contain an upgraded version of the software. The device is used by patients who treat diabetes with continuous insulin infusion. “Our independent medical monitor confirmed for us that this anomaly does not represent an urgent matter,” said Terrance Gregg, MiniMed’s president and chief operating officer. The company expects the upgrade to cost between $1 million and $1.5 million, which could lower its fourth-quarter profit by 1 or 2 cents a share. Analysts are expecting earnings of 24 cents a share for the quarter. Shares in MiniMed fell $5 to close at $80 on Nasdaq.