Biobeat Technologies, developer of the first FDA-cleared, 24-hour ambulatory blood pressure monitoring (ABPM) system that is a patch-worn, cuff-less solution for diagnosis and treatment of hypertension, announced today the closing of a $50 million Series B equity financing.
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The financing was led by new investors Ally Bridge Group, OrbiMed Advisors and Elevage Medical and included participation from a strategic investor. Proceeds from the financing will be used to expand commercialization in the United States.
Cuff-based ABPM devices have historically been underutilized due to their frequent and disruptive inflation cycles resulting in low patient compliance and logistical device and data collection issues for clinical staff. By contrast, the Biobeat sensor allows the patient to go about their daily activities and sleep undisturbed. At the completion of the ambulatory test, the device is disposed of by the patient and a high-quality report is generated automatically and available in seconds in the institution’s electronic medical records.
“I am delighted to welcome world-class venture capital investors Ally Bridge, OrbiMed and Elevage to the Biobeat team. We believe that Biobeat will have a profoundly positive impact on clinical utilization of ABPM, similar to what was experienced with ambulatory ECG monitoring once a patch-worn device became available,” said Raymond W. Cohen, Executive Chairman of Biobeat.
The company also welcomed Steven Plachtyna of Ally Bridge, Dina Chaya of OrbiMed and Evan Melrose of Elevage to its Board of Directors.
Arik Ben Ishay, CEO of Biobeat, said, “This is an exciting time for the company as we bring on a talented field sales team to expand commercialization of our novel ABPM system. Based on our winning, clinically validated embodiment, the time has finally arrived to make ABPM a true standard of care to help diagnosis and titrate anti-hypertensive medications for the over 100 million hypertensive patients in the U.S.”
