BIGFOOT BIOMEDICAL RECEIVES INVESTMENT FROM T1D EXCHANGE
Automated Insulin Delivery Investment Initiative Accelerates Development of Bigfoot smartloop™ System
Milpitas, CA, February 15, 2017 – Bigfoot Biomedical, Inc., a highly anticipated machine learning company founded by people directly impacted by Type 1 Diabetes (T1D), today announced a significant investment from T1D Exchange, a nonprofit organization driving faster, more informed research and commercialization efforts to improve outcomes for people with T1D. As a result of this agreement, T1D Exchange will financially contribute to Bigfoot Biomedical for the final development activities of Bigfoot’s smartloop™ automated insulin delivery (AID) service. The collaboration with Bigfoot marks the first investment out of T1D Exchange’s multi-million dollar initiative to accelerate the development and delivery of automated insulin delivery technology and solutions. Terms of the financing are not being disclosed.
The Bigfoot team used data from the T1D Exchange clinic registry database, which includes data collected from 26,000 individuals with T1D, to enhance understanding of patient population and subpopulation distributions of blood glucose and insulin therapy data. This data informed how the Bigfoot data science team models insulin delivery parameters and blood glucose variation in the Bigfoot smartloop™ system. It also supported the build-out of a robust simulation framework that Bigfoot uses to support ongoing development efforts.
Jeffrey Brewer, president and chief executive officer of Bigfoot, stated “We appreciate the investment that T1D Exchange has made in Bigfoot. We are fortunate to have found a forward-looking supporter who shares our vision to improve the lives of people with diabetes. The T1D Exchange truly understands the need for novel and disruptive approaches to delivering insulin and we are excited to expand the level and depth of our already successful relationship.”
“Our AID investment initiative aims to significantly advance automated insulin delivery solutions by investing in systems and components that enable automated insulin delivery and, in the example of Bigfoot Biomedical, differentiated approaches that we believe are well-positioned for commercialization,” states Henry Anhalt, DO and chief medical officer of T1D Exchange.
We are fortunate to have found a forward-looking supporter who shares our vision to improve the lives of people with diabetes.
- Jeffrey Brewer, Founder and CEO
Bigfoot’s approach includes delivering the first Internet-of-Things medical device, a cloud-connected system bundled as a monthly subscription service, to a broad population historically challenged by the high upfront costs of traditional insulin delivery hardware. Designed from the ground up to be user friendly and with thoughtful approaches to alarms and escalation, Bigfoot’s smartloop™ will leverage the power of its smartphone-connected service and best-in-class components to deliver on outcomes valued by patients, providers, and payers.
Bigfoot initiated its first clinical trial in July 2016 and has since completed the trial, which included both adult and pediatric participants. The company announced both a Series A investment of $35.5 million in October 2016 and an investment from JDRF T1D Fund in January 2017. With support from these efforts and the T1D Exchange’s AID initiative, Bigfoot anticipates its pivotal trial will begin later this year at clinical study sites across the United States.
About Bigfoot Biomedical, Inc.
Bigfoot Biomedical was founded by a team of people with a personal connection to Type 1 Diabetes and, with its smartloop service, seeks to change the paradigm of care for insulin-dependent diabetes by leveraging data, connectivity, automation, and machine learning to reduce the burden on people with diabetes and maximize the leverage of health care providers. Learn more at bigfootbiomedical.com. Follow us on Twitter @BigfootBiomed and Facebook.
About T1D Exchange
T1D Exchange was founded on the believe that improving outcomes in type 1 diabetes (T1D) requires a new approach - one that helps researchers conduct better research faster; better research because it’s patient-driven and more informed; faster research because T1D Exchange provides researchers with access to resources they need to conduct clinical studies. Our innovative model offers researchers access to aggregated clinical, biological, patient-reported outcomes and electronic health record data, all while fostering collaboration among patient, physicians, researchers, and industry. Our model is multi-faceted and complex, but our goal is simple, to tangibly improve outcomes for people with type 1 diabetes as fast as humanly possible.