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Abbott boosts support for Bigfoot Biomedical and its diabetes treatment tech

January 13, 2020 By Chris Newmarker

Bigfoot Biomedical Abbott Bigfoot Unity diabetes management program
Bigfoot Biomedical officials would like to launch the Bigfoot Unity diabetes management program by the end of the year. [Conceptual rendering courtesy of Bigfoot Biomedical]
Diabetes treatment tech company Bigfoot Biomedical has raised another $45 million in the initial tranche of a Series C equity financing, with collaborator Abbott (NYSE:ABT)  as the lead investor.

“We are excited to announce Abbott’s deepening support of Bigfoot Biomedical with this Series C financing,” Bigfoot Biomedical CEO Jeffrey Brewer said in a news release today.  “Their investment bolsters and validates our approach to provide a wholly integrated offering, utilizing innovative technologies. Our industry partnership with Abbott uniquely positions us to reduce the heavy burden of dosing decisions for people with insulin-requiring diabetes.”

Existing investors — including Quadrant Capital Advisors, Senvest Capital, Janus Henderson and Cormorant Asset Management — also participated in the round. The money will go toward finishing product development and achieving FDA clearance for the Bigfoot Unity diabetes management program, an injection-based digitized insulin dosing platform.

Bigfoot Unity integrates Abbott’s FreeStyle Libre glucose sensing technology into a connected insulin-pen-based system. Bigfoot Biomedical officials have a goal of launching the system by the end of this year.

Money from the Series C will also go toward clinical trials of future Bigfoot Unity systems that will incorporate closed-loop technology for injection users — automating more processes and getting closer to an “artificial pancreas” type of system that has been a major goal for Bigfoot Biomedical and the diabetes tech space as a whole.

The money from Abbott comes about two and a half years after Bigfoot and Abbott announced a partnership to commercialize diabetes management systems that take advantage of automation and artificial intelligence. A few months later, Brewer discussed his vision for the future of diabetes treatment during an appearance at DeviceTalks West.

 

 

Filed Under: Business/Financial News, Diabetes, Drug-Device Combinations, Featured Tagged With: abbott, Abbott Laboratories, artificial pancreas, Bigfoot Biomedical, insulin

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About Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at cnewmarker@wtwhmedia.com.

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