Beta Bionics has raised $57.5 million from 24 investors to help fund the development of its iLet bionic pancreas, according to a document filed with the SEC this week.
The Mass.-based company is offering equity and securities as part of the indefinite round.
Beta Bionics’ dual-chamber bionic pancreas is designed to use blood glucose data to autonomously adjust insulin and glucagon dosing for people with diabetes.
Earlier this year, Beta Bionics won FDA approval to begin recruiting people with Type I diabetes for home-use studies of its iLet bionic pancreas. The trial evaluated Novo Nordisk’s fast-acting insulin, Fiasp, with the autonomous infusion pump, as well as the use of insulin lispro and conventional insulin aspart.
Beta Bionics’ device can dose insulin, glucagon or both drugs as needed. The iLet system calculates and doses insulin or glucagon based on data from a continuous glucose monitor.
In June, Senseonics (NYSE:SENS) inked a deal to integrate glucose data from its Eversense continuous glucose monitoring system into Beta Bionics’ iLet device.
According to the terms of the agreement, Beta Bionics and Senseonics plan to work together to combine the two systems in the hopes of driving insulin and glucagon dosing with real-time data from the Eversense monitor.
