Beta Bionics, which makes an automated insulin delivery system for type 1 diabetes, raised $204 million by offering 12 million shares at $17, the high end of the range of $16 to $17. It raised an additional $17 million in a concurrent private placement to an existing shareholder. The company offered 2 million more shares than anticipated. It originally planned to offer 7.5 million shares at a range of $14 to $16, before revising the terms earlier this week.
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 plans to list on the Nasdaq under the symbol BBNX. BofA Securities, Piper Sandler, Leerink Partners, and Stifel acted as joint bookrunners on the deal.