Beta Bionics has set the terms for its plan to go public, with a goal of raising at least $114 million to support its artificial pancreas system for people with Type 1 diabetes.
The California-based company is set to begin trading on the Nasdaq, with 7.5 million shares priced between $14 and $16 apiece under the ticker BBNX—an IPO range that would give Beta Bionics about a $625 million valuation.
It also plans to collect an additional $17 million through a private placement of stock to investors at Wellington Management, which signed on to back the company in a venture capital round last fall.
Beta Bionics’ iLet system was first cleared by the FDA for people ages six and up with Type 1 diabetes in May 2023. The Fierce Medtech Fierce 15 winner has since expanded its blood sugar sensor compatibility to include Abbott’s FreeStyle Libre and Dexcom’s G6 and G7 platforms.
The iLet links an automated pump with an adaptive, closed-loop dosing algorithm, which calculates a user’s background insulin needs without them having to count their carbohydrates. Instead, the wearer only needs to enter their body weight and alert the device when they’re about to have a meal.
According to Beta Bionics’ filed prospectus, revenues from iLet have grown more than five times on a quarterly basis since its launch—from $3.1 million for the quarter ending September 30, 2023, to $16.7 million for the same three-month period in 2024. At the same time, quarterly operating expenses have grown from $10 million to $19.9 million, while 12-month sales reached $53 million.
The company also said it plans to pursue new clinical studies and an FDA clearance that would enable the iLet’s use among people with Type 2 diabetes.
In November, the company closed a $60 million series E financing round to expand its commercial efforts, led by first-time backers at Wellington. They were joined by returning investors Eventide Asset Management, RTW Investments, Sands Capital, Soleus Capital, Omega Funds, Perceptive Advisors and Marshall Wace.
Late last year, Ceribell made an impressive debut on the Nasdaq during a drought of medtech IPOs—raising more than $180 million to outpace the company’s initial target of $101 million—to support its point-of-care, brain-reading headset for detecting hidden seizures.