Beta Bionics raises $2m

Beta Bionics has raised $2.4 million in a new round of equity and securities financing, according to an SEC filing posted this week.

A total of 11 anonymous investors have participated in the round, though the company has not yet stated who has joined or how it plans to spend funds raised.

The company is still seeking to raise an additional $22.6 million before closing the round, bringing the total to approximately $25 million, according to the filing.

Beta Bionics is developing a bionic pancreas system designed for patients with type 1 diabetes, joining the race to produce an entirely closed loop insulin pump system or “artificial pancreas.”

The technology at there of the company’s iLet bionic pancreas has been licensed from Boston University, and was used in a study that reported that it outperformed conventional insulin pump therapy last December.