Beta Bionics Inc., an Irvine-based medical device company, today began publicly trading on the Nasdaq Capital Market under the ticker BBNX.
The company raised an upsized offering of $204 million by offering 12 million shares of its common stock at $17 apiece after initially planning to raise $114.4 million.
Beta Bionics in late 2023 launched its automated insulin delivery system, the iLet Bionic Pancreas, after it received Food and Drug Administration approval for use in individuals ages six and older with Type 1 Diabetes.
Shares rose 39% to $23.64 and a $975 million market cap within the company’s first three hours of trading.
For further details, see the Feb. 10 print edition of the Business Journal.