Beta Bionics, which has a manufacturing facility and executive offices in Irvine, is aiming to develop and commercialize the world’s first fully automated bionic pancreas.
The company last year leased a 15,000-square-foot office off Jamboree Road in Irvine near The Market Place. It currently employs about 24 at that facility.
It’s getting serious funding to complete the process. The Business Journal reported last week that Beta Bionics raised $63 million in a Series B2 funding. Six months ago, its Series B funding had raised an identical $63 million for a total of $126 million.
Beta Bionics is using the proceeds to complete final product development, regulatory submissions, and product launch of the iLet Bionic Pancreas System.
The company is currently testing the iLet Bionic Pancreas System in clinical Phase 3 trial at Massachusetts General Hospital, close to its Boston office.
The system is almost exactly what it sounds like: a dual-chamber, autonomous infusion system that mimics a biological pancreas.
Insulin and glucagon are hormones secreted by the pancreas which help maintain glucose levels in the blood. Insulin helps lower glucose levels and glucagon helps raise glucose levels.
For the trials, two seven-day iLet experiments in adults with Type 1 diabetes began enrolling patients in March. The study includes three cohorts; eight subjects per cohort, with each subject participating in two randomized crossover treatment arms.
Beta Bionics founder Ed Damiano knows the problem well because 20 years ago his son was diagnosed with Type 1 diabetes. Damiano, who wanted to find a way to improve his son’s life, founded the company in 2015.
Perceptive Advisors and Soleus Capital co-led the $63 million funding round with the joint participation of Farallon Capital, RTW Investments, and ArrowMark Partners.
