California-based medical technology startup, Bigfoot Biomedical has recently announced securing funds of up to USD 57 million from an asset management firm- Madryn Asset Management LP. Reports have it that the latest investment would be used by the med-tech company to support commercialization of its innovative Bigfoot Unit Diabetes Management Program.
Created to support the treatment of Type 1 and Type 2 diabetes, the Bigfoot Unity Program is likely to leverage first of its kind technologies to ease and connect the key aspects of insulin management to allow proactive, personalized, and remote patient care.
The company is currently waiting for an FDA approval of its Bigfoot Unity System, a flagship of its Unity Program exhibiting smart pen caps that offer insulin dose decision support and enable patients to adhere to the medical professional’s instructions in a convenient and simple way.
It has been claimed that with a comprehensive tactic for management of diabetes for patients on Multiple Daily Injection treatment and their healthcare providers, the program would address some of the critical restrictions and limitations in diabetes innovation by emphasizing on convenience, compatibility, and simplicity.
Commenting on the latest accomplishment, CEO of Bigfoot Biomedical, Jeffrey Brewer, cited that as the firm prepares for commercialization of the Bigfoot Unity System, it is thrilled to establish a partnership with Madryn, whose investment would enable Bigfoot to scale its commercial efforts with wide geographic reach and greater speed.
He added that the company’s deep and respected investor base demonstrates a strong authentication of its commitment towards developing revolutionary solutions and products in diabetes care.
Meanwhile, Avi Amin, Managing Partner at Madryn, quoted that it looks forward to closely working with Bigfoot CEO and his team as they continue to revamp their business and execute against their robust growth strategy.
Mr. Amin further mention that Madryn believes that Bigfoot’s innovative solutions and technology will have a notable impact on care for millions of people in the U.S with Type-1 and Type-2 diabetes.