Bigfoot Biomedical, a company dedicated to better health outcomes for people with insulin-requiring diabetes, announced today that it has secured new financing of up to $57 million from Madryn Asset Management LP, an alternative asset management firm focused on investments in innovative health care companies. The proceeds of the investment will be used by Bigfoot to support commercialization of its innovative Bigfoot Unity™Diabetes Management Program.
Developed to support the treatment of Type 1 and Type 2 diabetes, the Bigfoot Unity Program will leverage first-of-its-kind technologies to simplify and connect key aspects of insulin management to enable personalized, proactive and remote patient care. Currently, Bigfoot Biomedical is anticipating FDA clearance of its Bigfoot Unity System, a centerpiece of the Bigfoot Unity Program featuring smart pen caps that provide insulin dose decision support and enable patients to follow their doctor’s instructions in a convenient, simple way.
“We believe Bigfoot’s innovative technology and solutions will have a significant impact on care for the millions of people in the U.S. with Type 1 or Type 2 insulin-requiring diabetes,” said Avi Amin, Managing Partner of Madryn. “We look forward to a close collaboration with Bigfoot CEO Jeffrey Brewer and the Bigfoot Biomedical team as they continue to scale their business and execute against their unique growth strategy.”
“As our company prepares for commercialization of the Bigfoot Unity System, we are pleased to partner with Madryn, a firm with demonstrated success identifying transformative technologies within the healthcare industry,” said Jeffrey Brewer, CEO of Bigfoot Biomedical. “Their investment will enable us to scale our commercial efforts with greater speed and geographic reach. Bigfoot’s deep and respected investor base reflects a strong validation of our commitment to developing breakthrough solutions in diabetes care.”
With its holistic approach to diabetes management for patients on Multiple Daily Injection therapy and their health care providers, the Bigfoot Unity Program will address some of the most critical limitations in diabetes innovation by focusing on simplicity, convenience and compatibility.