The financing round was co-led by existing Series B and B-2 investors Soleus Capital, Perceptive Advisors, Farallon Capital Management, L.L.C., RTW Investments, LP, and Eventide Asset Management
New investor Pura Vida Investments participated in the round
Other participants included existing Series B and B-2 investors ArrowMark Partners, LifeSci Venture Partners, and strategic partner Novo Nordisk
Funds will support product development, regulatory submissions, and preparations for the commercialization of the insulin dosing iLet® Bionic Pancreas System following FDA clearance
Beta Bionics, Inc. — a clinical stage medical technology company committed to the design, development, and commercialization of the iLet® Bionic Pancreas System — today announced the completion of a $57 million Series C equity financing. Proceeds from the financing will support product development, regulatory submissions, and preparations for the commercialization of the insulin dosing iLet® Bionic Pancreas System following FDA clearance.
The Series C financing round was co-led by existing Series B and B-2 investors Soleus Capital, Perceptive Advisors, Farallon Capital Management, L.L.C., RTW Investments, LP, and Eventide Asset Management. In addition, new investor Pura Vida Investments participated in the round, as did previous Series B and B-2 investors ArrowMark Partners, LifeSci Venture Partners, and strategic partner Novo Nordisk. This financing adds to the Series B and B-2 financings in 2018 and 2019 that raised approximately $126 million. - ADVERTISEMENT - “We are very pleased to have completed our third round of institutional financing and are excited to welcome Pura Vida into our strong syndicate of investors,” said Dr. Ed Damiano, President and CEO, Beta Bionics. “This financing will support the growth of our organization and further development of the iLet, as we continue to work toward our mission to bring autonomous insulin-delivery solutions to those living with type 1 diabetes. We are grateful for the continued support and vision of our investor syndicate and are delighted to be adding another well-respected investor to this esteemed group.”
“We are excited to play a role in helping Beta Bionics deliver patient-centric innovation to the type 1 diabetes community and reduce the cognitive and emotional impacts that type 1 diabetes has on this population,” said Efrem Kamen, managing member of Pura Vida Investments. “We look forward to supporting the team and company through the next phase of its growth.”
About the iLet® Bionic Pancreas The iLet is a pocket-sized, wearable investigational medical device designed to autonomously dose insulin and/or glucagon. It is designed to be worn like an insulin pump; however, iLet users would enter only their body weight to initialize therapy and would not set any insulin regimen parameters. The iLet is designed to then automatically infuse insulin and/or glucagon without requiring the user to count carbohydrates, set insulin-to-carbohydrate ratios, set insulin basal rates, set correction factors, or deliver bolus insulin for meals or corrections. The technology is designed to help a broad base of people who wish to use technology to manage diabetes; not just people with type 1 diabetes on the iLet, but also their healthcare providers who have time and resource limitations and potentially no access to subspecialists.
The intent of the technology is to achieve near-normal glycemia and lift the cognitive daily burden of diabetes management in as many people with diabetes as possible. The cognitive and emotional impact of diabetes can lead to data and decision-making overload for people living with diabetes. Despite advances in medications and technology, approximately 80%1 of people who live with type 1 diabetes are not meeting the ADA therapy goal of an HbA1c below 7%.
Recent advances in type 1 diabetes technology lack the flexibility to support the different needs, experiences, and resources of those living with diabetes. If cleared by the FDA, Beta Bionics hopes the iLet Bionic Pancreas will improve the lives of people living with diabetes by improving glycemic control relative to the standard of care and by helping reduce data and decision-making overload.
About Beta Bionics Beta Bionics® is a clinical stage medical technology company focused on the design, development, and commercialization of its iLet® Bionic Pancreas System. The iLet Bionic Pancreas is designed to use adaptive, self-learning, control algorithms, together with continuous glucose monitoring and pump technology, to autonomously compute and administer doses of insulin and/or glucagon and mimic the body’s natural ability to maintain tight glycemic control.
Beta Bionics is a for-profit, public benefit corporation and Certified B Corporation™. Since its founding in 2015, its mission has been to help improve health outcomes and the quality of life of children and adults living with diabetes and other conditions of glycemic dysregulation. Beta Bionics operates in Massachusetts and California. For further information, visit www.betabionics.com or follow Beta Bionics on Facebook, YouTube, Instagram, LinkedIn, and Twitter @BetaBionics.
Caution: The iLet® Bionic Pancreas is an investigational device limited by Federal (or United States) law to investigational use. Not available for sale.
1. Pettus et al., Diabetes Care. 2019;42:2220–2227