Diabetes device firm Beta Bionics falls on $150 mln equity raise
BBNX•Use of proceeds and recent company updates
J.P. Morgan, Piper Sandler, Wells Fargo and Leerink were joint bookrunners.
The company said it intends to use net offering proceeds for general purposes, including commercialization of Mint, manufacturing facilities expansion, among other uses.
Early Monday, BBNX said the U.S. FDA cleared Mint and it expects to commercially launch its patch pump in Q1 2027. Senseonics SENS.O also announced a partnership to integrate its Eversense 365 Continuous Glucose Monitoring system with BBNX's iLet Bionic Pancreas system.
At Tuesday's close, BBNX shares had fallen about 37% year to date. The company went public in a January 2025 IPO priced at $17. The average rating of 12 analysts is "buy"; median price target is $22, per LSEG.
Shares fall after overnight follow-on pricing
Shares of insulin delivery device maker Beta Bionics BBNX.O were down 5.6% at $18.15 before the bell after a $150 million overnight follow-on was priced.
Irvine, California-based firm late Tuesday sold about 8.7 million shares, including about 1 million pre-funded warrants, at $17.25.
The offering size was increased from $125 million and priced at a 10.3% discount to the stock's last sale on Tuesday.
