Diabetes treatment tech company Bigfoot Biomedical announced today that it raised $55 million to close its Series C financing round.
Abbott (NYSE:ABT) led the funding round with participation from new investor Smile Group and existing investors Quadrant Capital Advisors, Senvest Capital, Janus Henderson and Cormorant Asset Management.
Milpitas, Calif.-based Bigfoot said in a news release that the proceeds will support product development and the regulatory pathway for its Bigfoot Unity system as a part of the Bigfoot Unity Diabetes Management Program.
The program is a real-time, dose-decision support system for people with insulin-requiring diabetes that rely on multiple daily injection therapy, which is the most common therapy for people with Type 1 and Type 2 diabetes. The Unity system features smart pen caps for basal and meal-time insulin dosing recommendations through integration with Abbott’s FreeStyle Libre system.
Plans for Bigfoot Unity include a monthly subscription package with the pen caps, Abbott’s glucose-sensing technology, pen needles, a backup blood-glucose meter, glucose test strips and alcohol swabs. The system also includes a mobile phone app.
Bigfoot expects to submit the Bigfoot Unity system to the FDA for regulatory clearance within the calendar year and is targeting a launch soon after obtaining clearance.
“The current pandemic has only crystallized the need for medical solutions like ours that facilitate remote care, remote support and home delivery,” Bigfoot CEO Jeffrey Brewer said in the news release. “Necessity has forced a giant leap forward in telemedicine, and there will be no looking back. Raising $55 million in equity financing during this time of economic hardship underscores the urgency and focus on getting real-time solutions in the hands of patients, providers and payers.”
In connection with the financing, Bigfoot announced that co-founder Bryan Mazlish will transition from day-to-day involvement in the president role to a new role as executive board director, focusing on strategy and governance initiatives. Additionally, Senvest Management’s Joy Mashaal was appointed to the board of directors.