In 2004, Therasense was acquired by Abbot Labs.and began to do business as Abbott Diabetes Care, Inc. TheraSense, Inc. had worked on glucose self-monitoring systems that reduce the pain of testing for people with diabetes. The Company's first product, the Freestyle Blood Glucose Monitoring System, received United States Food and Drug Administration (FDA) clearance in January 2000. It began selling FreeStyle in the United States in June 2000. In April 2105, Therasense's product was offered by Abbot as a new, slim-designed blood glucose meter with high accuracy is available over-the-counter at major U.S. retailers at a lower cost than other branded meters and test strips, and without the need for insurance paperwork and copays often needed to purchase branded diabetes supplies. This new meter, the FreeStyle Precision Neo Blood Glucose Monitoring System™, received Food and Drug Administration (FDA) clearance and is now available at a much reduced cost.
