Beta Bionics today provided more details related to its plans to raise funds through an initial public offering (IPO).
Earlier this month, the maker of the iLet bionic pancreas filed a registration statement with the SEC relating to a proposed IPO. Our sister site, Drug Delivery Business News reports today that the company filed a prospectus outlining the terms of its IPO.
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.
Beta Bionics plans to use proceeds to fund the development of 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.
Get the full story at our sister site, Drug Delivery Business News.