Diabetes device firm Beta Bionics jumps after boosted $150 mln equity raise
BUZZ-Diabetes device firm Beta Bionics jumps after boosted $150 mln equity raise Updates to market open
** Shares of insulin delivery device maker Beta Bionics BBNX.O reverse premarket losses and last up 8.4% to $20.85, an over eight-month high, in early trading on Weds after above-target $150 mln follow-on priced
** Irvine, California-based firm late Tues sold ~8.7 mln shares, including pre-funded warrants, at $17.25
** Offering size increased from $125 mln and priced at 10.3% discount to stock's last sale on Tues
** JP Morgan, Piper Sandler, Wells Fargo and Leerink joint bookrunners
** Co intends to use net offering proceeds for general purposes, including for commercialization of Mint, manufacturing facilities expansion, among other uses
** Early Mon, BBNX said the U.S. FDA cleared Mint and it expects to commercially launch its patch pump in Q1 2027. Also, Senseonics SENS.O announced partnership to integrate its Eversense 365 Continuous Glucose Monitoring system with BBNX's iLet Bionic Pancreas system
** With the advance, BBNX shares down ~31% YTD; co went public in Jan 2025 IPO priced at $17
** Avg rating of 12 analysts is "buy"; median PT $22, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))