Bionic pancreas developer Bigfoot Biomedical raised $2.4 million in a new round of debt financing, according to an SEC filing posted yesterday.
The company, while staying mostly under the radar, is developing a closed-loop device combo that would continuously monitor glucose levels and deliver insulin based on a proprietary algorithm.
The now Milpitas, Calif.-based medical device company is making strides towards its goal of an artificial pancreas, after inking a deal in June with Dexcom Inc. (NSDQ:DXCM), maker of continuous glucose monitors, and acquiring the assets of shuttered insulin pump maker Asante. Bigfoot also said it relocated to Milpitas, Calif., where Asante was headquartered.
In 2014, Bigfoot co-founder Bryan Mazlish made headlines by creating a closed-loop artificial pancreas for members of his family. The device operated on a Dexcom CGM, his wife, Dr. Sarah Kimball, said in an interview with Healthline.
The money came from 6 unnamed investors, with the company looking to pull in another $625,000 before closing the round, according to an SEC filing. The company has not disclosed how the funds will be used.