Funding to support its breakthrough therapy and telemedicine solutions for people with type 1 and type 2 diabetes
MILPITAS, Calif .– (BUSINESS WIRE) – June 2, 2020 –
Bigfoot Biomedical, Inc. announced today that the company raised a total of $ 55 million to complete its Series C equity financing. The round was led by Abbott with the support of existing investors such as Quadrant Capital Advisors, Senvest Capital, Janus Henderson and Cormorant Asset Management as well as new investors such as the Smile Group.
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Conceptual representation of the Bigfoot Unity ™ Diabetes Management Program. Product under development and not for sale in the United States. (Photo: Business Wire)
Proceeds from the funding will support product development completion, and FDA filing and approval for the Bigfoot Unity ™ system, which is part of the Bigfoot Unity ™ Diabetes Management Program, a real-time dose decision support system for people with insulin-dependent diabetes, based on multiple daily injection therapy, the most common form of insulin therapy for people with type 1 and type 2 diabetes. Bigfoot Unity uses proprietary smart pen caps for basic and mealtime insulin dosage recommendations that integrate Abbott's FreeStyle Libre platform. Bigfoot Unity's FDA filing is expected for 2020 with a target start shortly after release.
"The current pandemic has only expressed the need for medical solutions such as ours that enable remote care, remote support and home delivery," said Jeffrey Brewer, CEO of Bigfoot Biomedical. “The need has made a big leap forward in telemedicine and there will be no retrospective. Raising $ 55 million in equity during this period of economic need underscores the urgency and focus on getting real-time solutions into the hands of patients, providers and payers. "
Bigfoot also announced changes to the Board of Directors related to the completion of Series C funding. Co-founder Bryan Mazlish will transition from his day job as President of Bigfoot to a new role as Executive Board Director that focuses on the company's strategy and governance initiatives. Joy Mashaal was also appointed to the Board of Directors by Senvest Management. Senvest has been supporting Bigfoot with every financing since 2016.
Bigfoot is a medical device company dedicated to simplifying and optimizing insulin delivery and dosing decisions for people with insulin-dependent diabetes using algorithms, artificial intelligence, and automation. The company's integrated system and services are being developed to address many of the challenges facing people with type 1 and type 2 diabetes, healthcare providers and insurance institutions, by taking many of today's advances in digital health and In particular, the opportunities for the company to be used are telemedical engagement. With Bigfoot Unity, the patient and healthcare provider can view and share glucose and dosage decisions to refine daily diabetes management with the goal of better overall health outcomes.
Bigfoot plans to package the Bigfoot Unity system as a monthly subscription and plans to use Unity's proprietary insulin pen caps for basal and bolus dosing, Abbott glucose sensor technology, pen needles, a backup blood glucose meter, and glucose test strips and include alcohol swabs. The system will also include a cell phone app. The insulin pens must be purchased separately.
Bigfoot's product portfolio also includes Bigfoot Autonomy ™ Diabetes Management Program with a pump-based automated closed-loop insulin delivery system. Bigfoot Autonomy's loop system, which received the FDA Breakthrough Device label, requires a central clinical trial and subsequent regulatory approvals.
"We are currently focusing on validating and implementing technology for Bigfoot Unity," said Brewer. "With this first product offering from Bigfoot Unity, we can create a better commercial foundation for the introduction of an automated insulin delivery system like Bigfoot Autonomy in the future."
About Bigfoot Biomedical, Inc.
Bigfoot Biomedical was founded by a team of people with personal relationships to type 1 and type 2 diabetes and is trying to change the paradigm of treating insulin-prone diabetes with data, connectivity, automation, and machine learning with its programs Bigfoot Unity and Bigfoot Autonomy to reduce the burden of people with diabetes requiring insulin and maximize the leverage of healthcare providers. Find out more at bigfootbiomedical.com. Follow us on Twitter @BigfootBiomed and Facebook.