TIDMRTW
RNS Number : 2844L
RTW Biotech Opportunities Ltd
04 September 2023
LEI: 549300Q7EXQQH6KF7Z84
04 September 2023
RTW Biotech Opportunities Ltd
Additional Investment in Portfolio Company
-- RTW Biotech Opportunities participates in a $100M Series D in
Beta Bionics, Inc., a portfolio company
RTW Biotech Opportunities Ltd (the "Company"), a London Stock
Exchange-listed investment fund focused on identifying
transformative assets with high growth potential across the life
sciences sector, is pleased to note the announcement by its
portfolio company Beta Bionics, Inc. ("Beta Bionics") that it has
secured $100 million in funding to advance diabetes technology and
redefine diabetes management with its iLet Bionic Pancreas.
Beta Bionics is a medical technology company focused on the
design, development, and commercialisation of the iLet Bionic
Pancreas, an autonomous insulin delivery system that streamlines
diabetes management and reduces the burden on patients and
physicians. The Series D funding is expected to help further
develop and test the bionic pancreas as well as expand access.
Beta Bionics has been a part of the Company's portfolio since
its launch on 30 October 2019. Previously, the Company together
with other funds managed by RTW Investments, LP (the "Investment
Manager") and other investment firms co-led a $57 million Series C
financing round in Beta Bionics in February 2022.
"We're proud to continue to support the Beta Bionics team in
their mission to improve the health outcomes and quality of life
for people living with diabetes ," said Roderick Wong, MD, Managing
Partner and Chief Investment Officer of RTW Investments, LP, the
Investment Manager.
The full text of the announcement is contained below.
For Further Information:
RTW Investments, LP +44 20 7959 6361
Woody Stileman, Managing Director
Krisha McCune, Director, Client Service
Buchanan +44 20 7466 5107
Charles Ryland
Henry Wilson
George Beale
Numis +44 20 7260 1000
Freddie Barnfield
Nathan Brown
Euan Brown
BofA Securities +44 20 7628 1000
Edward Peel
Kieran Millar
Cadarn Capital +44 73 6888 3211
David Harris
Elysium Fund Management Limited
Joanna Duquemin Nicolle, Chief Executive Officer
Sadie Morrison, Managing Director +44 (0) 14 8181 0100
Morgan Stanley Fund Services USA LLC +1 914 225 8885
About RTW Biotech Opportunities Ltd:
RTW Biotech Opportunities Ltd (LSE: RTW & RTWG) is an
investment fund focused on identifying transformative assets with
high growth potential across the biopharmaceutical and medical
technology sectors. Driven by a long-term approach to support
innovative businesses, RTW Biotech Opportunities Ltd invests in
companies developing next-generation therapies and technologies
that can significantly improve patients' lives. RTW Biotech
Opportunities Ltd is managed by RTW Investments, LP, a leading
healthcare-focused entrepreneurial investment firm with deep
scientific expertise and a strong track record of supporting
companies developing life-changing therapies.
Visit the website at www.rtwfunds.com/rtw-biotech-opportunities-ltd for more information.
***********
The information in this announcement may include forward-looking
statements, which are based on the current expectations and
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contained in this announcement or on its completeness, accuracy or
fairness.
Beta Bionics Secures $100 Million in Series D Funding to Advance
Diabetes Technology and Expand Market Presence
CONCORD, Mass., August 30, 2023: Beta Bionics, Inc., a
pioneering leader in the development of advanced diabetes
management solutions, is thrilled to announce the successful
closure of its Series D funding round securing $100 million in new
equity capital.
The Series D funding was co-led by new investors Sands Capital
and Omega Funds with an additional new investor, Marshall Wace,
also participating. Previous investors Soleus Capital, Eventide
Asset Management LLC, Farallon Capital, Perceptive Advisors,
certain funds managed by RTW Investments, LP, ArrowMark Partners,
and Pura Vida Investments also participated.
Sean Saint, CEO of Beta Bionics, "This significant investment
represents a powerful vote of confidence in Beta Bionics' mission
to redefine diabetes management with user-centric technologies. We
are deeply grateful to our investors for recognizing the immense
potential of our products. We are eager to push the boundaries of
what's possible by expanding access to the iLet Bionic Pancreas
nationwide and further develop and test the bi-hormonal bionic
pancreas."
"We're excited to support the Beta Bionics team as they work to
launch and develop breakthrough technologies that help reduce the
burden of diabetes," said Parker Cassidy, Partner, Sands Capital
Ventures.
"Our ability to secure this capital is a testament to iLet's
competitive differentiation and our financial discipline," said
Stephen Feider, CFO of Beta Bionics. "Thank you to the investors
for believing in our team and the mission."
Beta Bionics' flagship product, the iLet Bionic Pancreas, is an
autonomous insulin delivery system that streamlines diabetes
management and reduces the burden on patients and physicians. The
only input required to get started is the user's weight - the iLet
does the rest. Healthcare providers no longer need to determine
complex settings including correction factors, insulin-to-carb
ratios or pre-set basal rates. When iLet users "GO BIONIC" with
their diabetes management, there's no carb counting* or calculating
insulin corrections throughout the day - the iLet determines 100%
of the insulin doses.
*User must be carb aware
About Beta Bionics
Beta Bionics is a medical technology company focused on the
design, development, and commercialization of its iLet Bionic
Pancreas in both the single hormone and bi-hormonal configurations.
The iLet Bionic Pancreas platform is designed to use adaptive,
self-learning, control algorithms, together with continuous glucose
monitoring and pump technology, to autonomously compute and
administer doses of insulin and/or glucagon and mimic the body's
natural ability to maintain tight glycemic control, relieving some
of the burden of living with diabetes. To learn more, visit
www.betabionics.com.
Beta Bionics is a for-profit, public benefit corporation and
Certified B Corporation. Since its founding in 2015, its mission
has been to help improve health outcomes and the quality of life of
children and adults living with diabetes and other conditions of
glycemic dysregulation.
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END
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