Automated insulin delivery system company Beta Bionics (BBNX.US) announces IPO terms, planning to issue 7.5 million shares of stock.

Beta Bionics, headquartered in Irvine, California, announced the terms of its IPO on Wednesday. The company, dedicated to developing automated insulin delivery systems, plans to raise $113 million by issuing 7.5 million shares of stock at a price range of $14 to $16 per share. Additionally, the company also plans to raise an additional $17 million through a concurrent private placement to existing shareholders. Based on the midpoint of the price range, Beta Bionics' fully diluted market value will reach $625 million. Beta Bionics' core product, the iLet Bionic Pancreas, is the first insulin delivery device approved by the FDA that can automatically determine the dosage of insulin for each dose without the user needing to calculate carbohydrate intake. The adaptive closed-loop algorithm calculates insulin dosage every five minutes to provide accurate delivery around the clock. The device only requires user input of body weight for initialization, with the rest of the insulin dosage determined autonomously by the system. The iLet received FDA approval in May 2023 for use in Type 1 diabetes patients aged 6 and older. The company plans to further expand the iLet's application to Type 2 diabetes patients and is also in early development of an insulin "patch pump" and a dual-hormone configuration version of the iLet. Founded in 2015, Beta Bionics generated $53 million in revenue in the 12 months ending on September 30, 2024. The company plans to list on NASDAQ under the ticker symbol "BBNX". The IPO is underwritten by Bank of America Securities, Piper Sandler, Leerink Partners, and Stifel. The IPO is expected to price the week of January 27, 2025.