Bigfoot Takes a Big Step Closer to Market with $55M Financing

Bigfoot Biomedical hasn't let the coronavirus pandemic stand in the way of bringing its injection-based digitized insulin dosing platform to the U.S. market. If anything, CEO Jeffrey Brewer says the pandemic has "only crystalized the need for medical solutions like ours that facilitate remote care, remote support, and home delivery." The company has raised a total of $55 million to close its series C equity financing. Abbott led the round with support from existing investors, including Quadrant Capital Advisors, Senvest Capital, Janus Henderson, and Cormorant Asset Management, along with new investors including Smile Group. "Necessity has forced a giant leap forward in telemedicine, and there will be no looking back," Brewer said. "Raising $55 million in equity financing during this time of economic hardship underscores the urgency and focus on getting real-time solutions in the hands of patients, providers, and payers." Bigfoot said the proceeds will support the completion of product development and FDA clearance submission sometime this year for the Bigfoot Unity System, part of the Bigfoot Unity Diabetes Management Program, a real-time, dose-decision support system for people with insulin-requiring diabetes relying on multiple daily injection therapy. Bigfoot Unity uses smart pen caps for basal and meal-time insulin dosing recommendations integrating Abbott's FreeStyle Libre platform. The company plans to package the Bigfoot Unity system as a monthl...
Source: MDDI - Category: Medical Devices Tags: Business R & D Source Type: news