Earlier this month, the company filed a registration statement with the SEC relating to a proposed IPO. Beta Bionics, maker of the iLet bionic pancreas, later filed a prospectus outlining its aim to bring in $114.4 million in the IPO.
The Irvine, California-based company today said it formally went public with its IPO. It upsized the pricing to 12 million shares of common stock at $17 per share, collecting gross proceeds of $204 million. Underwriters also have a 30-day option to purchase up to an additional 1.8 million shares of common stock. That includes 475,000 of the company’s shares and 1.325 million shares belonging to selling stockholders. The company receives no proceeds from the sale of shares sold by the stockholders.
With the IPO, Beta Bionics today began trading on the Nasdaq market under the “BBNX” ticker. The company expects the offering to officially close tomorrow, Jan. 31, 2025.
(On Jan. 31, the company confirmed the closing of the IPO with proceeds totaling $234.6 million, including the full exercise of the additional shares of common stock)
“Today is a significant day in Beta Bionic’s history as we formally go public,” the company wrote on LinkedIn. “Our message is lighting up Times Square today, and this milestone truly represents the dreams and hard work that led to this accomplishment. Our team at Beta Bionics is thrilled to begin this new chapter, as it will create even more opportunities for us to serve, expand, and make a greater impact on the future of diabetes management.
“We would like to thank our partners, healthcare providers, Bionic Universe members, and everyone who has followed our journey. This is only the beginning – here’s to reaching even more milestones and transforming diabetes management.”
More about Beta Bionics and its future as a public company
Beta Bionics plans to use proceeds to fund the development of the bihormonal configuration of iLet through FDA submissions. The company also plans to develop a patch pump device that could rival leader Insulet and potential competitors Tandem and Medtronic, who are developing their own. Additional uses for funds include expanding sales and manufacturing infrastructure.
iLet, an automated insulin delivery system streamlines diabetes management by reducing the burden on patients and physicians. It received FDA clearance in May 2023. iLet users can “go bionic,” requiring no carb counting or insulin correction calculations. Then, iLet determines 100% of the insulin doses throughout the day. The only input required to get started is the user’s weight.
In November 2024, the company announced that it raised $60 million in a Series E financing round. That added to the $100 million Series D financing Beta Bionics completed in August 2023.
Additionally, the company announced the 10,000th patient start on its iLet system in August 20224. Then, in October 2024, it announced that it launched the integration of iLet with the Abbott FreeStyle Libre 3 Plus.
