Beta Bionics is the first company to come up with the concept of the artificial pancreas. It is for people suffering from diabetes. The device is called the iLet. It is implanted into a human body with the help of tissue interface for replacing the organ. The iLet duplicates functions of the organs to help patients suffering from organ malfunctioning. The pocket-sized wearable device monitors blood sugar levels in diabetics.
The theory behind duplication of organ holds a great significance. From time to time, it becomes almost impossible for doctors to save the life of a patient whose failed organ fails to accept an organ from another body. Also, there are a majority of instances where organs are not available at all. This makes the situations tougher for doctors. The creation of artificial organs helps in such cases as it can save the life of a patient.
With the revolutionary technologies like 3D printing, the creation of artificial organs has become a huge business. Beta Bionics is one such part of the ultimate biological revolution. To begin with, the company that has created pancreas artificially for diabetics has raised $1M becoming the first startup to raise a huge amount using online stock sale, which is open to the public at a large scale. Not so long ago, the company managed to secure a funding round of $5M from Eli Lily, for the iLet bionic pancreas.
Beta Bionics Gathers Online Public Funding
Ed Damiano is the man behind Beta Bionics. He is a biomedical engineer at the Boston University. Damiano has a teenage son suffering from type 1 diabetes. He is forced to inject insulin by himself. Failing to inject can force him into a diabetic coma. For the most part, diabetics are subjected to implanted sensors. They use it to measure blood sugar levels. The iLet directly pumps insulin into the diabetic’s body when needed. It can be also called as a hands-free system.
The biomedical startup arrives as a public benefit corporation. This is why it opted for a crowdfunding route. Its main purpose is to act in the best interests of individuals suffering from type 1 diabetes.
On Wednesday, the startup managed to strike a benchmark after 775 public members. The funding summed up an average amount of $1,300 each. All the public member are now involved in the creation of the iLet bionic pancreas. iLet is a quintessential manifestation of personalized medicine. Somehow, it happens to be an irrevocable and sturdy way over to the ever-elusive disease cure. It turns out; the investors are scientists and individuals involved in diabetes research. One of the investors, Gabriel Smolarz, happens to be an assistant professor in the medicine department at Robert Wood Johnson Medical School. She has a sister-in-law and two nephews who are type 1 diabetics.
The crowdfunding round has arrived as a positive testament. Reg. CF can fund more companies established in the field. The company and its public investors are overwhelmingly passionate about supporting diabetic kids to lead a better life.