Abbott Kicks in for Bigfoot’s $45M Financing
It may only be January, but it looks like 2020 could be Bigfoot Biomedical’s year.
The company is on track to submit its Bigfoot Unity diabetes technology for FDA clearance this year, and the product could hit the market by the year end. To help the company reach that target, Abbott and other investors kicked in a total of $45 million in an initial tranche of a series C financing.
Bigfoot’s technology is an injection-based digitized insulin dosing platform which uses a connected insulin pen-based system that integrates Abbott’s FreeStyle Libre glucose sensing technology. Series C funds will also be directed toward clinical trials of future generation Bigfoot Unity systems incorporating closed-loop technology for injection users, the company said.
Aside from investment in Bigfoot Biomedical, Abbott has entered into a commercial agreement with Bigfoot to develop and commercialize diabetes management programs that integrate with the FreeStyle Libre platform.
“We are excited to announce Abbott’s deepening support of Bigfoot Biomedical with this series C financing,” said CEO Jeffrey. “Their investment bolsters and validates our approach to provide a wholly integrated offering, utilizing innovative technologies. Our industry partnership with Abbott uniquely positions us to reduce the heavy burden of dosing decisions for people with insulin-requiring diabetes.”
The Milpitas, CA-based company has long been a favorite of MD+DI readers. The company was our reader’s choice for 2017 Medtech Company of the Year.
“The hopes of millions of diabetics are waiting on them,” one reader wrote. “They have a personal connection which motivates them product and price-wise[,] and they made a fantastic decision to switch from DexCom to Freestyle Libre as the continuous glucose monitor for their system, delaying the release by going with a superior product. That’s what companies who CARE do.”
Many readers that year also cited Bigfoot’s patient focus as a reason for their choice.
“In the area of diabetes, there are many companies working to build this ‘artificial pancreas.’ What many of them don’t comprehend is that their solutions are not easy for patients and their caregivers to manage. They involve multiple devices and complicated technology. Bigfoot Biomedical is working hard to make their solution easy to use, as well as accurate and dependable.”
Bigfoot is a medical device company dedicated to simplifying and optimizing insulin delivery and dosing decisions for people living with insulin-requiring diabetes through the use of AI and automation. The company’s integrated system and services address many of the challenges facing people with both types of diabetes as well as healthcare providers, and insurance institutions. Insulin-requiring diabetes impacts more than six million Americans, the vast majority of whom are not reaching clinical targets for optimal glucose levels, Bigfoot noted.
Original Article: (https://www.mddionline.com/abbott-kicks-bigfoots-45m-financing)