Automated insulin delivery equipment manufacturer Beta Bionics (BBNX.US) applies for a US stock IPO to raise $100 million

The Zhitong Finance App learned that on Monday EST, Beta Bionics, a medical device technology company that produces an algorithm-based automated insulin delivery system for type 1 diabetics, submitted an initial public offering application to the US Securities and Exchange Commission (SEC) and plans to raise 100 million US dollars.

According to information, the “iLET bionic pancreas” (iLET) launched by Beta Bionics is the first automated insulin delivery device approved by the US Food and Drug Administration (FDA). It uses an adaptive closed-loop algorithm to automatically determine the specific dose of insulin for each injection, without requiring users to calculate carbohydrate intake, greatly improving the health status and quality of life of diabetics requiring insulin treatment. These algorithms enable iLET to rationally regulate the correct insulin injection dose every five minutes during the day and night. It only requires the user to provide body weight information to complete device initialization, and automatically determines all insulin doses based on the algorithm. That is, the patient only needs to enter basic body weight information to initialize, and then the device will continuously dynamically adjust the infusion volume every five minutes.

Compared to traditional insulin injections, that is, patients manually inject (subcutaneously) or use a regular insulin pump multiple times a day (but still require manual dose entry or manual calculation/setting of the base rate and additional amount before meals), all require the patient to calculate and adjust the dosage based on blood sugar levels and the amount of carbohydrates ingested. Beta Bionics' iLET uses an adaptive algorithm approved by the FDA, which does not require the patient to enter the amount of carbohydrates eaten daily. The algorithm automatically learns and adjusts the insulin dose. The device takes into account the body's needs and automatically gives the optimal dose based on real-time blood sugar or sensor readings every five minute period. This can greatly reduce the patient's operating burden and the risk of potential medication errors.

In May 2023, iLET was officially approved by the FDA for type 1 diabetics aged 6 and above. The company plans to expand the scope of application of iLET to patients with type 2 diabetes and is in the relatively early stages of developing insulin “patch pumps” and iLET dual hormonized configurations.

The medical device technology company, headquartered in Irvine, California, was founded in 2015 and had sales of approximately $53 million in the 12 months ending September 30, 2024. The company plans to list on the NASDAQ market, with the proposed stock code “BBNX.” Beta Bionics secretly submitted a US stock listing application on September 13, 2024. Bank of America Securities, Piper Sandler, Leerink Partners, and Stifel are the joint bookkeeping managers of this US stock IPO transaction. Beta Bionics has yet to disclose specific IPO pricing terms.