Bigfoot Biomedical Closes $37 Million Series B Round
Bigfoot Biomedical announced the closing of a $37 million series B funding round earlier this month. The startup creates automated tools for blood glucose testing and insulin delivery. The company, which was founded in 2014 under the name SmartLoop Labs by Wall Street trader Bryan Mazlish after his five-year-old son was diagnosed with type I diabetes, changed its name to Bigfoot Biomedical in 2015 after a piece in Wired compared the mysterious Mazlish to the apocryphal beast Bigfoot.
Bigfoot is developing Bigfoot Loop to optimize insulin delivery specific to the user’s needs. A second product, Bigfoot Inject, is a connected insulin pen-based system for people on injection therapy. The insulin pen product is tied to the company’s June acquisition of London-based biotech company Patients Pending, which developed an insulin pen timer cap and a Bluetooth-enabled insulin pen dose capture technology.
The company plans to use the funding to begin clinical trials and support future product development efforts.
Asked about the clinical trial, Bigfoot Biomedical CEO Jeffrey Brewer said in an email that the company expects to begin pivotal trials in the second half of 2018 at clinical research sites across the U.S. Although the Bigfoot Loop study is still in the planning stages, it is expected to enroll approximately 300 people.
“The primary endpoint will be tied to safety of the system, with secondary endpoints including HbA1c [average blood glucose over a 3-month period] time in range of a safe glucose value and quality of life measures.