Bigfoot Biomedical announced today that it secured $57 million in financing as it works toward commercializing its diabetes management program.
Madryn Asset Management provided the financing for Bigfoot, which is developing the Bigfoot Unity diabetes management program designed to simplify and connect aspects of insulin management to enable personalized, proactive and remote patient care, according to a news release. The Bigfoot Unity program features smart pen caps that provide insulin dose decision support, enabling patients to follow doctors’ orders in a simple way.
Milpitas, Calif.-based Bigfoot, which has partnership deals with Abbott and Eli Lilly, among others, expects the Bigfoot Unity system to receive FDA clearance. However, the company said at the beginning of 2020 that it expected to launch the system by the end of the year.
Madryn managing partner Avi Amin said in the release that the company’s investment in Bigfoot reflects its belief that the technology will have a “significant impact” on care for those with Type 1 or Type 2 insulin-requiring diabetes.
“As our company prepares for commercialization of the Bigfoot Unity System, we are pleased to partner with Madryn, a firm with demonstrated success identifying transformative technologies within the healthcare industry,” Bigfoot CEO Jeffrey Brewer said. “Their investment will enable us to scale our commercial efforts with greater speed and geographic reach. Bigfoot’s deep and respected investor base reflects a strong validation of our commitment to developing breakthrough solutions in diabetes care.”