Bigfoot Biomedical said today that it has raised $37 million in the first tranche of a Series B round, co-led by new investor Janus Henderson Investors and the company’s largest existing investor, Quadrant Capital Advisors.
The Milpitas, Calif.-based company plans to use its newly-acquired funds to support product development and clinical evaluation of its automated insulin delivery system and its connected, auto-titrating insulin pen.
“We are excited to announce Janus Henderson as a new partner in the financing of Bigfoot Biomedical, a category-defining company for digital health and medical devices. We also express our appreciation for our largest existing investor, Quadrant, as well as our gratitude for the expanded support of an impressive and expanding list of other world-class investors,” president & CEO Jeffrey Brewer said in prepared remarks.
Bigfoot conducted a feasibility trial of its automated insulin delivery system, Bigfoot Loop, in 2016 and expects to launch a pivotal trial of the technology next year.
Earlier this year, the company announced that it inked a deal with Abbott to combine Bigfoot’s insulin delivery system with Abbott‘s (NYSE:ABT) next-gen Freestyle Libre continuous glucose monitor.
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