Beta Bionics Secures $57.6M Series B Round
It's been a great couple months for Beta Bionics, the company making a fully autonomous bionic pancreas that became the first business to raise $1M through Regulation Crowdfunding back in August 2016.
In July, the company announced they had started home-use clinical trails for their bionic pancreas, the iLet™, after the FDA has approved a supplement to Beta Bionics' previously approved investigational device exemption. The trials began in adults with Type 1 Diabetes at the Massachusetts General Hospital and were also run at the Stanford University Medical Center.
That momentum carried into October. First, the company was awarded an up to $2M grant by the National Institute of Diabetes and Digestive and Kidney Diseases to help fast-track R&D activities.
A few weeks later, Beta Bionics announced they were in the process of a Series B round that had already exceeded $50M. Led by Eventide Asset Management, the round also saw contributing funding from RTW Investments, Zealand Pharma A/S, and Novo Nordisk A/S, which also invested in Beta Bionics' Series A round.
But that funding round eventually exceeded the initial estimates, as Beta Bionics filed a $57.6M round with the SEC. That brings the company's total funding to $68.6M, including its Regulation Crowdfunding campaign.
If things continue going to plan, Beta Bionics plans to enter pivotal trials with its final iLet design in 2019 and expects to launch its first product in 2020.
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2) Some startups use two different laws at the same time (i.e., Regulation D and Regulation Crowdfunding).
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Very excited for you. Wish I had joined Wefunder earlier, would love to have invested in you. Also have a Type 1 daughter. Keep us posted, wishing you success!
great news. have several family members that have Type 1 Diabetes really could use this device. Keep moving forward.
Let me know when we get rich please.
That is amazing to hear! My Type 1 at home could really use this device. That is why I invested for all the Type 1's and their loved ones.
CONGRATS GANG!!! Hopefully this is just the beginning of positive life changing health issues for the many that r suffering from diabetes! God’s Blessings on u all that have worked so hard & diligent to make this a safe & strong option for the diabetic community!!! U all r angels that walk amongst us!!! Thanks for all ur hard work & the dedication by all is being rewarded!!! Thanks for putting all ur hard work & time into this product! U should all b proud & Blessed for all ur efforts!
Dave Investor
That’s wonderful Everett, really excellent work! Thank you for the update, this is such an important mission. This will improve so many lives.
Thanks Everett, for the update. Good luck on the product launch in 2020.
congratulations that's great news a lot of sick people are going to feel much better soon
Oh this is awesome!!! Congrats!! I look forward to more progress.
YES...Type one to Type None!!
The dream shall not be denied!!!
good work. Please keep the updates coming
Great to know this! More breakthroughs and successes ahead.
wows! Congrats
Glad to see we are making good progress. Keep up the great work!
This is great news!