Beta Bionics, maker of the iLet bionic pancreas system, has successfully closed its upsized initial public offering (IPO), raising $234.6 million. The offering included the sale of 13,800,000 shares at $17.00 per share, with the full exercise of the underwriters’ option to purchase an additional 1,800,000 shares.
The shares began trading on Nasdaq under the ticker symbol BBNX on January 30, 2025.
Cleared by the FDA for type 1 diabetes (T1D) in patients aged six and older in 2023, the iLet bionic pancreas system represents a breakthrough in insulin delivery. The iLet uses adaptive closed-loop algorithms to autonomously determine insulin doses every five minutes, providing T1D and type 2 diabetes (T2D) patients with more accurate and simplified glucose management.
This technology sets it apart from other insulin delivery systems, as it does not require users to manually adjust insulin doses or track carbohydrate intake.
Diabetes affects millions globally, with 830 million people living with diabetes as of 2022. The prevalence has been rising, particularly in low- and middle-income countries.
The iLet demonstrated improvements in glycemic control and quickly gained adoption, particularly among those previously relying on multiple daily injections (MDI).
To date, 67% of iLet users have transitioned from those previously using MDI, signaling the potential for broader adoption.
The iLet system is also integrated with Dexcom continuous glucose monitors.
Early last year, Beta Bionics’ collaboration with Edgepark Medical Supplies expanded access to the iLet, allowing users to benefit from the iLet’s fully automated insulin delivery, eliminating the need for carb counting and providing greater freedom in daily life.
Beta Bionics also partnered with Xeris Pharmaceuticals to develop a pump-compatible glucagon formulation for the bihormonal system, bringing an additional layer of innovation to their product offerings.
Beta Bionics has integrated its device with Abbott’s FreeStyle Libre 3 Plus sensor, providing users with real-time, continuous glucose monitoring (CGM) to optimize insulin dosing. This eliminates the need for carb counting and insulin corrections, simplifying diabetes management.
Additionally, Beta Bionics launched the Bionic Circle App, enabling up to 10 family members or friends to remotely monitor glucose levels and insulin doses, enhancing oversight and care — ensuring personalized, fully automated diabetes management.
Proceeds from the Beta Bionics IPO will support the ongoing clinical trials, regulatory progress and commercialization of the iLet and other pipeline products.
Future innovations include a patch pump, a compact version of the iLet without tubing, and the bihormonal iLet, combining insulin and glucagon to reduce hypoglycemia risks for T1D patients.
The digital diabetes management market is expected to reach $35.8 billion by 2028, driven by the adoption of connected devices like continuous glucose monitors and insulin delivery systems. However, challenges remain in the form of high device costs and reimbursement gaps, especially in developing countries.
Additionally, the FDA has issued an alert to patients, urging them to regularly check the settings on their diabetes-related smartphone apps to ensure that critical safety alerts, like low blood sugar warnings, are not missed due to software or hardware updates.
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