Insulin delivery device manufacturer Beta Bionics applies for a U.S. IPO to raise $100 million

According to the Zhitong Finance APP, on Monday Eastern Time, the medical device technology company Beta Bionics, which produces algorithm-based automated insulin delivery systems for Type 1 diabetes patients, submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) and plans to raise $100 million. It is understood that Beta Bionics has launched the "iLet Bionic Pancreas" (iLet), which is the first insulin automation delivery device approved by the U.S. Food and Drug Administration (FDA). It uses an adaptive closed-loop algorithm to automatically determine the specific injection dose of insulin for each instance, eliminating the need for users to calculate carbohydrate intake, significantly improving the health and quality of life for diabetes patients requiring insulin treatment. These algorithms enable the iLet to rationally adjust the correct insulin injection dose every five minutes, both day and night, requiring only the user's weight information to complete device initialization and automatically determine all insulin doses based on the algorithm. Patients only need to input basic weight information for initialization, after which the device will continuously and dynamically adjust the infusion amount every five minutes. Compared to traditional insulin injections, where patients manually inject multiple times a day (subcutaneous injection) or use conventional insulin pumps (but still need to manually input doses or manually calculate/set basal rates and bolus amounts), which require patients to calculate and adjust medication doses based on blood sugar levels and carbohydrate intake, Beta Bionics' iLet, through the FDA-approved adaptive algorithm, does not require patients to input the carbohydrate amount for daily meals; the algorithm automatically learns and adjusts the insulin dose. The device provides the optimal dose based on real-time blood sugar or sensor readings every five minutes, taking into account the body's needs. This significantly reduces the operational burden on patients and the risk of potential medication errors. In May 2023, the iLet received formal approval from the FDA for use in patients aged 6 and older with Type 1 diabetes. The company plans to expand the iLet's applicability to Type 2 diabetes patients and is in the relatively early stages of developing an insulin "patch pump" and a dual-hormone configuration for the iLet. This medical device technology company, headquartered in Irvine, California, was founded in 2015, and its sales for the 12 months ending September 30, 2024, are approximately $53 million. The company plans to list on the NASDAQ market, with the stock code tentatively set as "BBNX." Beta Bionics submitted its confidential application for U.S. stock listing on September 13, 2024. Bank of America Securities, Piper Sandler, Leerink Partners, and Stifel are the joint book-running managers for this U.S. IPO transaction. Beta Bionics has not yet disclosed specific IPO pricing terms