Beta Bionics has raised private funding of $100m to support commercialization and further development of iLet Bionic Pancreas, its recently-authorized automated insulin dosing (AID) system, which automates insulin dosing without requiring mealtime carb counting.
The US Food and Drug Administration (FDA) gave clearance to the device in May this year, positioning Beta Bionics as a challenger to Insulet, Medtronic and Tandem Diabetes Care.
Beta Bionics is pitching the device as a simpler system that allows people with Type 1 diabetes to almost totally rely on an algorithm to make decisions about their insulin dosing. The financing is intended to equip the company to find out if that proposition can translate into commercial success.
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