Dive Brief:
- Beta Bionics, developer of an automated insulin delivery system, filed for an initial public offering on Monday.
- The company did not disclose the number of shares it will offer or the price range. Beta Bionics plans for shares to be listed on the Nasdaq under the ticker symbol “BBNX.”
- The Irvine, California-based company makes an insulin pump called the iLet Bionic Pancreas, which was cleared by the Food and Drug Administration in 2023. Beta Bionics plans to use the proceeds to grow its sales and manufacturing infrastructure and develop new features for its device.
Dive Insight:
Beta Bionics’ filing follows a year with few IPOs. In 2024, just a handful of medtech companies went public, including Tempus AI in June, Ceribell in October and Anteris in December.
The diabetes tech company reported revenue of $44.7 million and a net loss of $36.6 million for the nine months ending in September 2024, according to the filing with the Securities and Exchange Commission. Beta Bionics had an installed customer base of 11,214 people as of that date.
The company’s iLet pump is currently indicated for people with Type 1 diabetes ages six years and older. Beta Bionics says its device differs from other automated insulin delivery systems by requiring less user input to calculate insulin doses. Other systems on the market can require users to count carbs and do manual corrections, while iLet only requires a meal announcement from users.
By making a device that’s easier to operate, Beta Bionics hopes more people with diabetes will use an insulin pump. The company estimated that about a third of people with Type 1 diabetes in the U.S. use an insulin pump.
Beta Bionics is working to grow sales and insurance coverage and develop new features for its device. The company plans to pursue an expanded indication for iLet for people with Type 2 diabetes who take insulin. The company is also developing a patch pump version of the device and a bihormonal configuration that would combine automated delivery of insulin and glucagon, which can be used to raise blood sugar levels and prevent hypoglycemia.
Beta Bionics has integrated iLet with Abbott’s latest Freestyle Libre glucose sensor, as well as Dexcom’s G6 and G7 sensors.
