Bigfoot Biomedical, Inc., a Milpitas, Calif.-based developer of therapy and telemedicine Solutions for people living with Insulin-Requiring Type 1 and Type 2 Diabetes, raised a total of $55m to close its Series C equity financing.
The round was led by Abbott with participation from existing investors Quadrant Capital Advisors, Senvest Capital, Janus Henderson and Cormorant Asset Management, along with new investors including Smile Group.
The company intends to use the funds to complete product development and FDA submission and clearance 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, the most common form of insulin therapy for people with Type 1 and Type 2 diabetes.
Bigfoot Unity utilizes proprietary, smart pen caps for basal and meal-time insulin dosing recommendations integrating Abbott’s FreeStyle Libre platform.
FDA submission of Bigfoot Unity is anticipated in 2020 with a target launch soon after clearance.
Led by Jeffrey Brewer, chief executive officer, Bigfoot is a medical device company dedicated to optimizing insulin delivery and dosing decisions for people living with insulin-requiring diabetes through the use of algorithms, artificial intelligence and automation. With Bigfoot Unity, the patient and the healthcare provider will be able to view and share glucose readings and dosing decisions to refine daily diabetes management with the goal of better overall health outcomes.
The company plans to package the Bigfoot Unity system as a monthly subscription and intends to include Unity’s proprietary insulin pen caps for both basal and bolus dosing, the Abbott glucose sensing technology, pen needles, backup blood glucose meter, glucose test strips and alcohol swabs. The system will also include a mobile phone app. The insulin pens will need to be obtained separately. Bigfoot’s product portfolio also includes the Bigfoot Autonomy™ Diabetes Management Program with a pump-based, closed-loop, automated insulin delivery system. Bigfoot Autonomy’s loop system, which received the FDA Breakthrough Device designation, will require a pivotal clinical trial and subsequent regulatory approvals.
In conjunction with closing its Series C financing, Bigfoot also announced changes to its board of directors. Co-founder Bryan Mazlish will transition from day-to-day involvement as Bigfoot’s President to a new role as Executive Board Director focusing on the company’s strategy and governance initiatives. In addition, Joy Mashaal of Senvest Management has been appointed to the board of directors.