Beta Bionics, which makes an automated insulin delivery system for type 1 diabetes, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Beta Bionics' iLet Bionic Pancreas (iLet) is the first insulin delivery device cleared by the FDA to utilize adaptive closed-loop algorithms to autonomously determine every insulin dose without requiring a user to count carbohydrate intake. These algorithms allow the iLet to deliver the correct insulin doses every five minutes throughout the day and night, requiring only the user’s body weight for device initialization and the autonomous determination of all insulin doses. The iLet received FDA clearance for patients with type 1 diabetes ages six and older in May 2023. The company plans to pursue expanded use of the iLet to patients with type 2 diabetes, and it is also in the early stages of developing an insulin "patch pump" and a bihormonal configuration of the iLet.
The Irvine, CA-based company was founded in 2015 and booked $53 million in sales for the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the symbol BBNX. Beta Bionics filed confidentially on September 13, 2024. BofA Securities, Piper Sandler, Leerink Partners, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
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