Bigfoot Biomedical, a Milpitas, Calif.-based medical device company, raised $37m in the initial tranche of a Series B equity financing.
The round was co-led by funds managed by new investor Janus Henderson Investors, with participation from existing investor Quadrant Capital Advisors, Cormorant Asset Management, Senvest Capital, Senvest Management, Visionnaire Ventures, JDRF T1D Fund and T1D Exchange.
Led by Jeffrey Brewer, president and chief executive officer, Bigfoot Biomedical is advancing its Loop and Inject services to reduce the impact of the disease on people with insulin-requiring diabetes and to maximize the leverage of health care providers through data, connectivity, automation, and artificial intelligence.
The company intends to use the funds to support ongoing product development and clinical trials for its 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. Bigfoot anticipates a pivotal trial for Bigfoot Loop will begin in 2018 at clinical sites across the United States.
In July, the company and Abbott had entered into an agreement to develop and commercialize diabetes management systems, integrating the Abbott FreeStyle® Libre glucose-sensing technology as the centerpiece for glucose monitoring capabilities within Bigfoot’s ecosystem of insulin delivery solutions.