Beta Bionics (BBNX Proposed), the developer of the iLet Bionic Pancreas (iLet) – the first insulin delivery device approved by the FDA to use adaptive closed-loop algorithms to autonomously determine every insulin dose without requiring a user to count carbohydrate intake – disclosed the terms for its $112.5 million IPO early today – Wednesday, Jan. 22, 2025. Beta Bionics plans to offer 7.5 million shares at a price range of $14.00 to $16.00 to raise $112.5 million, if priced at the $15.00 mid-point, according to an S-1/A filing. Under those terms, Beta Bionics would have a market cap of $577.35 million.
BofA Securities, Piper Sandler, Leerink and Stifel are the joint book-runners.
Beta Bionics’ IPO is set for pricing next week – on Wednesday night, Jan. 29, 2025, to trade Thursday, Jan. 30, 2025, on the NASDAQ.
The company, based in Irvine, California, is focusing its initial commercialization efforts for the iLet on Type 1 diabetes (T1D). The FDA gave Beta Bionics clearance for that indication in patients age 6 and older in May 2023 in the United States. Type 1 diabetes (T1D) is an autoimmune disorder that often develops during childhood or adolescence, but can occur at any age, and arises from a person’s immune system attacking and destroying the insulin-producing beta cells in the pancreas. About 1.8 million people live with T1D in the U.S., and all of them require daily insulin replacement to manage their disease, Beta Bionics pointed out in the prospectus.
Beta Bionics, founded in 2015, is not profitable. For the 12 months that ended on Sept. 30, 2024, Beta Bionics reported a net loss of $55.4 million on revenue of $53.1 million.
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