Beta Bionics Announces Closing of a $60 Million Series E Financing
IRVINE, CA / ACCESSWIRE / November 13, 2024 / Beta Bionics, Inc., a pioneering leader in the development of advanced diabetes management solutions, announces the successful closing of a $60 million Series E Preferred Stock financing round.
The Series E funding was led by new investor Wellington Management. Previous investors Eventide Asset Management LLC, certain funds managed by RTW Investments, Sands Capital, Soleus Capital, Omega Funds, Perceptive Advisors, and Marshall Wace also participated.
Beta Bionics’ flagship product, the iLet Bionic Pancreas, is an autonomous insulin delivery system that streamlines diabetes management and reduces the burden on patients, caregivers and physicians. When iLet users “GO BIONIC” with their diabetes management, there is no carb counting* or calculating insulin corrections throughout the day – the iLet determines 100% of the insulin doses and continuously learns and adapts to the user. The only input required to get started on the iLet is the user’s weight.
Proceeds from the financing will support expanded commercialization of the iLet and development of the product pipeline as Beta Bionics works towards improving health outcomes and the quality of life of children and adults living with diabetes and other conditions of glycemic dysregulation.
*User must be carb aware
Contact Information
Karen Hynes
Vice President of Marketing
media@betabionics.com
Stephen Feider
Chief Financial Officer & Corporate Secretary
ir@betabionics.com
SOURCE: Beta Bionics
View the original press release on newswire.com.
