Earlier this month, the maker of the iLet bionic pancreas filed a registration statement with the SEC relating to a proposed IPO. Irvine, California-based Beta Bionics filed to list its common stock on the Nasdaq market under the “BBNX” ticker.
Beta Bionics said in its filing that it’s selling 7.5 million shares of common stock. Selling stockholders granted underwriters the option of a 30-day period to purchase up to an additional 1.125 million shares from them. The company receives no proceeds from the sale of shares by the selling stockholders.
According to the prospectus, the company set a public offering price between $14 and $16 per share. Beta Bionics expects to meet standards for listing on the Nasdaq upon the completion of the IPO. It expects net proceeds from the sale of the common stock to total approximately $114.4 million, based on the assumed midpoint of $15 per share.
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.