Diabetes news

Bigfoot Biomedical Raises $37 Million in Series B Financing

Bigfoot Biomedical
Photo: Bigfoot Biomedical

Bigfoot Biomedical has announced that they have raised $37 million in Series B equity financing.

A press release states that “the round is co-led by funds managed by a new investor, Janus Henderson Investors, along with Bigfoot’s largest existing investor, Quadrant Capital Advisors, Inc.”

Other existing investors also participated including, Cormorant Asset Management, Senvest Capital Inc., Senvest Management LLC, Visionnaire Ventures, JDRF T1D Fund, and T1D Exchange.

A Series A financing which ended in 2016 previously raised $36 million.

What Will the Money Go Towards?

According to their press release, Bigfoot Biomedical plans to use the funds to “support ongoing product development and clinical trials for Bigfoot’s investigational Class III medical device systems, which include Bigfoot Loop, an infusion pump-based closed loop automated insulin delivery system, and Bigfoot Inject, an auto-titrating connected insulin pen-based system for people on injection therapy.”

Jeffrey Brewer, the president and CEO of Bigfoot Biomedical said, “We are excited to announce Janus Henderson as a new partner in the financing of Bigfoot Biomedical, a category-defining company for digital health and medical device. We also express our appreciation for our largest existing investor, Quadrant, as well as our gratitude for the expanded support of an impressive and expanding list of other world-class investors,”

Janus Henderson is a leading global active asset manager based in London and Quadrant is the exclusive investment advisor of a family who is the third largest shareholder of Anheuser-Busch.

Latest From Bigfoot Biomedical

In July 2017, Bigfoot partnered with Abbott agreed to integrate the Abbott FreeStyle Libre glucose-sensing technology as the “centerpiece for glucose monitoring capabilities within Bigfoot’s ecosystem of insulin delivery solutions.”

They recently revealed positive data from their feasibility study which completed in 2016 and they look forward to a pivotal trial for the Bigfoot Loop which should start in 2018.

To learn more about Bigfoot and what they are working on visit their website here.

Originally published by Sysy Morales at Diabetes Daily

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