Pryor Cashman Represents Co-Lead Investor Soleus Capital in Beta Bionics’ $57 Million Series C Financing
Pryor Cashman represented Soleus Capital as the co-lead investor in a notable $57 million Series C financing of Beta Bionics, Inc., which closed in late February 2022 and included a group of leading investment firms from the life sciences sector.
Soleus Capital Management, L.P. is a healthcare investment firm focused on the innovative areas of life sciences, including biotechnology and medical technology. Soleus Capital’s interest spans across the healthcare lifecycle from developmental-stage companies to commercial companies.
The Series C financing round was co-led by existing Series B and B-2 investors Soleus Capital, Perceptive Advisors, Farallon Capital Management, L.L.C., RTW Investments, LP, and Eventide Asset Management. In addition, new investor Pura Vida Investments participated in the round, as did previous Series B and B-2 investors ArrowMark Partners, LifeSci Venture Partners, and strategic partner Novo Nordisk. This financing adds to Beta’s Series B and B-2 financings in 2018 and 2019 that raised approximately $126 million.
Beta Bionics is a clinical stage medical technology company committed to the design, development, and commercialization of the iLet® Bionic Pancreas System. According to the press release announcing the deal, Beta intends to use the funds to support product development, regulatory submissions, and preparations for the commercialization of the insulin dosing iLet® Bionic Pancreas System following FDA clearance.
The Pryor Cashman team was led by Partner Michael Weinsier, co-chair of the firm’s Private Equity practice and a member of its nationally recognized Corporate Group, with principal assistance from Corporate Counsel, Ethan Lankri. Partner Jeffrey Snow and Counsel Joseph Micali from the firm’s Intellectual Property Group also assisted with the transaction.
