FDA Clearance and Funding Success
After obtaining FDA approval for its unique insulin pump and automated dosing software, Beta Bionics has made significant financial strides. This software collaborates with a Dexcom continuous glucose monitor, forming a hybrid closed-loop system designed for efficient diabetes management. The Massachusetts-based firm announced its successful accumulation of $100 million in a series D equity funding round this week.
The funding round was spearheaded by Sands Capital and Omega Funds, both newcomers to investing in Beta Bionics. The round also saw contributions from a blend of previous and new supporters, including Marshall Wace, Soleus Capital, Eventide Asset Management, and several others. This recent funding surpasses the company’s series C round, which had garnered $57 million in early 2022.
A Vision for the Future
The newly acquired funds will be channeled towards the launch of the recently approved iLet artificial pancreas technology. Additionally, Beta Bionics is set on advancing the development of more automated systems tailored for diabetes patients. CEO Sean Saint expressed the company’s commitment to pushing the boundaries of diabetes management through innovative, user-focused technologies. The company is particularly keen on expanding the reach of the iLet Bionic Pancreas across the nation and furthering the development of the bi-hormonal bionic pancreas.
The iLet Technology Explained
The iLet system is a fusion of an insulin pump and a sophisticated dosing algorithm. This software gathers and processes blood sugar data from a Dexcom CGM, adjusting the insulin pump’s output based on real-time glucose requirements. Unlike other similar systems, Beta Bionics’ solution requires only the user’s weight to start functioning, significantly simplifying the setup. The technology further streamlines diabetes management by replacing standard mealtime carbohydrate counts with a straightforward multiple-choice query about carbohydrate intake.
A Game-Changer in Diabetes Management
The FDA’s endorsement of the system in May highlighted its potential to offer the Type 1 diabetes community more flexibility and options in diabetes management. The agency recognized the system’s potential to expand the reach of automated insulin dosing technology. Beta Bionics has indicated that the U.S. launch of this transformative technology is on the horizon.
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