Following a filing revealing its intent to go public in the US on 6 January, artificial pancreas maker Beta Bionics has now set its financial goalposts, aiming to raise $114.4m from the initial public offering (IPO).
The US-based company is selling 7.5 million shares of common stock at a price between $14 and $16 each, as per a SEC filing amendment released on 22 January. Beta Bionics is also in line for an additional $17m in shares via private placement to existing stockholder and asset manager Wellington Management.
The company, which is set to hit the Nasdaq trading boards under the ticker ‘BBNX’, reached net sales of $44.7m in the first nine months of 2024, marking an increase from $3.6m in 2023. Beta Bionics’ revenue jump was largely due to the US Food and Drug Administration (FDA) approval of its iLet insulin delivery system for type 1 diabetes in mid-2023.
According to the company, its device streamlines diabetes management by calculating insulin needs without carbohydrate counting. Instead, the pump’s dosing is initiated solely based on the user’s weight. As of September 2024, the company’s customer base comprises around 11,000 diabetes patients. In a move to improve access, Beta Bionics integrated iLet with Abbott’s Freestyle Libre sensor and Dexcom’s G6 and G7 continuous glucose monitors.
In the updated filing, Beta Bionics stated plans for clinical trials to support further indications in diabetes. In addition, the company said it is in the early stages of developing an insulin pump, with pre-submission discussions with the FDA already completed.
The global market for insulin pumps and continuous glucose monitors was estimated to be worth $8.2bn in 2024 and is forecast to exceed $17bn by 2034, as per analysis by GlobalData.
Beta Bionics’ public listing comes at a time of potential resurgence in the medtech IPO sector. Last year, medtech offerings were few and far between, though there were still successful IPOs.
One example is health technology company Tempus AI, which uses AI to better diagnose and treat diseases by accessing large genomic and clinical datasets. The AI company debuted on the Nasdaq with $410.7m. Another example includes CeriBell, a medical device maker with an EEG platform that uses AI to monitor patient seizures that priced its IPO at $180.3m.
Investors and analysts are optimistic about an upward trajectory for IPO volume and value in 2025, building on the early recovery seen last year.
