Beta Bionics, a US-based medical technology company developing iLet Bionic Pancreas System, announced the completion of a $63m (£49m) Series B2 equity financing.
Beta Bionics said that the financing follows the final close of $63m (£49m) Series B equity financing, bringing the total combined Series B and B2 financing to more than $126m (£99m).
Beta Bionics co-founder and CEO Ed Damiano said: “We are delighted, to have completed our second round of institutional financing for Beta Bionics. Having now closed more than $120 million over the past 10 months, we have placed Beta Bionics on a secure footing for the future, and positioned ourselves well for the commercial success we envision for the iLet.
“We are thrilled to have Perceptive, Soleus, and Farallon round out our strong syndicate of supportive and visionary investors.”
The Series B2 financing round was co-led by new investors Perceptive Advisors and Soleus Capital Management, with Farallon Capitaljoining the round as a new investor in Beta Bionics.
The Series B financing round was led by the investor Eventide, together with RTW and ArrowMark, and all participated in the Series B2 round.
Beta Bionics said it intends to use the proceeds from the financings to complete the final product development, phase 3 clinical trials, regulatory submissions, and product launch of the iLet Bionic Pancreas System.
The iLet Bionic Pancreas System is an autonomous, pocket-sized, wearable medical device that autonomously controls blood-sugar levels in people with diabetes like a biological pancreas.
The company has designed the device with embedded clinically tested mathematical dosing algorithms to automatically calculate and dose insulin and/or glucagon as needed, based on data from a continuous glucose monitor.
Soleus Capital Management founder and managing member Guy Levy said: “Diabetes is a disease that affects millions of patients and their families around the world. Until Beta Bionics, people with diabetes had to trade-off tight management of their blood sugar for higher rates of dangerous hypoglycemia.
“With the iLet, the potential for an autonomous bionic pancreas exists, which we believe can greatly improve the quality of life and clinical outcomes for patients compared to existing technologies. We are excited to partner with the team at Beta Bionics to help bring the iLet’s paradigm-shifting technology to patients.”