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Insulin delivery device maker Beta Bionics increases deal size by 47% ahead of $165 million IPO

January 28, 2025
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Beta Bionics, which makes an automated insulin delivery system for type 1 diabetes, raised the proposed deal size for its upcoming IPO on Tuesday.

The Irvine, CA-based company now plans to raise $165 million by offering 10 million shares at a price range of $16 to $17. The company had previously filed to offer 7.5 million shares at a range of $14 to $16. The company still plans to raise an additional $17 million in a concurrent private placement. At the midpoint of the revised range, Beta Bionics will raise 47% more in proceeds than previously anticipated.

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.

Beta Bionics 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. BofA Securities, Piper Sandler, Leerink Partners, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of January 27, 2025.