Beta Bionics, Inc. announced that Dr. Ed Damiano, President & CEO and co-founder of Beta Bionics, is assuming a new role with the title of Founder and Executive Chair.
Caution: The iLet® Bionic Pancreas is an investigational device limited by Federal (or United States) law to investigational use. Not available for sale.
- Dr. Ed Damiano, President & CEO of Beta Bionics, is now assuming the role of Founder and Executive Chair
- Martha Goldberg Aronson, Board Chair, is now serving as interim CEO and Board Director
- Christy Jones, Board Member, is now serving as Lead Independent Director
- Mike Rosinko, Chief Technology Officer of Beta Bionics, retires after leading R&D teams in diabetes MedTech for over 15 years
CONCORD, Mass., March 02, 2022 (GLOBE NEWSWIRE) -- Beta Bionics, Inc. — a clinical-stage medical technology company committed to the design, development, and commercialization of the iLet® Bionic Pancreas System — today announced that Dr. Ed Damiano, President & CEO and co-founder of Beta Bionics, is assuming a new role with the title of Founder and Executive Chair. Martha Goldberg Aronson, Chair of the Board, is now serving as interim CEO while Beta Bionics conducts an external search for a new CEO. Goldberg Aronson remains on the Board and Christy Jones is now serving as the Lead Independent Director of the Board.
Beta Bionics recently announced locking of the database for the Insulin-Only Bionic Pancreas Pivotal Trial in December of 2021, as well as the closing of its Series C equity financing in February of 2022. These achievements, and the evolution of the leadership team in 2022, position the organization well for successful commercialization of the insulin dosing iLet® Bionic Pancreas System following FDA clearance.
In his role as Founder and Executive Chair, Damiano will focus on product pipeline and new-technology development, advancing clinical research programs, including the Bihormonal Bionic Pancreas Pivotal Trial, regulatory submissions and interactions with regulatory authorities, and preparation of scientific manuscripts for the primary literature. He will also remain a champion for the Beta Bionics public benefit mission and will continue to communicate that mission to the principal Beta Bionics stakeholders, including the diabetes community and the Beta Bionics employees and shareholders.
“The locking of the database for the Insulin-Only Bionic Pancreas Pivotal Trial and the additional financing that we recently received were watershed moments for us at Beta Bionics,” said Damiano. “These milestones are transformational for the organization as a whole, and have important implications for me personally, as I focus my expertise and skill sets on those tasks that best support the company going forward. The last year saw enormous growth for Beta Bionics and strong additions to our senior leadership team in Marcie Cain, our Chief People Officer, and Michael Pereira, our Chief Operating Officer. I look forward to working with Martha and the rest of the Board as we transition from the R&D and clinical-stage company we are today to the commercial-stage organization we aspire to be.”
As interim CEO and Board Director, Goldberg Aronson will be working with Damiano and the Board of Directors through the ongoing CEO search. Goldberg Aronson has spent her career in the medical device industry and has led global healthcare businesses ranging in size from incubation to $1 billion in revenue.
“I am excited to work with Ed in his role as Founder and Executive Chair,” said Goldberg Aronson. “This team of passionate, dedicated employees is well-positioned to take this company to the next phase of growth. As we prepare for commercialization, we remain committed to fulfilling the Beta Bionics public benefit mission.”
In addition to these changes in executive leadership, Chief Technology Officer, Mike Rosinko, who led the R&D team in the development of the iLet Bionic Pancreas System, has retired after five years with Beta Bionics. Rosinko has had a distinguished career that has spanned more than 30 years in MedTech, including 15 years leading R&D teams in diabetes MedTech. Rosinko will continue as a consultant to Beta Bionics, sharing his expertise in refining and extending the company’s technology portfolio and product pipeline.
“I am proud of the progress made on developing the iLet for testing in the recently completed Insulin-Only Bionic Pancreas Pivotal Trial,” said Rosinko. “I am pleased to have had the opportunity to work with Ed and the Beta Bionics team to develop technology designed to improve the lives of people living with diabetes. I am looking forward to continuing my work with Ed and the Beta Bionics team as we further advance and develop this technology.”
About the iLet® Bionic Pancreas
The iLet is a pocket-sized, wearable investigational medical device designed to autonomously dose insulin and/or glucagon. It is designed to be worn like an insulin pump; however, iLet users would enter only their body weight to initialize therapy and would not set any insulin regimen parameters. The iLet is designed to then automatically titrate and infuse insulin and/or glucagon doses without requiring the user to count carbohydrates, set insulin-to-carbohydrate ratios, set insulin basal rates, set correction factors, or determine bolus insulin for meals or corrections. The technology is designed to help a broad base of people who wish to use technology to manage diabetes; not just people with type 1 diabetes on the iLet, but also their family members, caregivers, and healthcare providers who have time and resource limitations and potentially no access to subspecialists.
The intent of the technology is to achieve near-normal glycemia and lift the cognitive daily burden of diabetes management in as many people with diabetes as possible. The cognitive and emotional impact of diabetes can lead to data and decision-making overload for people living with diabetes. Despite advances in medications and technology, approximately 80%1 of people who live with type 1 diabetes are not meeting the ADA therapy goal of an HbA1c below 7%.
Recent advances in type 1 diabetes technology lack the flexibility to support the different needs, experiences, and resources of those living with diabetes. If cleared by the FDA, Beta Bionics hopes the iLet Bionic Pancreas will improve the lives of people living with diabetes by improving glycemic control relative to the standard of care and by helping reduce data and decision-making overload.
About Beta Bionics
Beta Bionics® is a clinical stage medical technology company focused on the design, development, and commercialization of its iLet® Bionic Pancreas System. The iLet Bionic Pancreas is designed to use adaptive, self-learning, control algorithms, together with continuous glucose monitoring and pump technology, to autonomously compute and administer doses of insulin and/or glucagon and mimic the body’s natural ability to maintain tight glycemic control.
Beta Bionics is a for-profit, public benefit corporation and Certified B Corporation™. Since its founding in 2015, its mission has been to help improve health outcomes and the quality of life of children and adults living with diabetes and other conditions of glycemic dysregulation.
Beta Bionics operates in Massachusetts and California. For further information, visit www.betabionics.com or follow Beta Bionics on Facebook, YouTube, Instagram, LinkedIn, and Twitter @BetaBionics.
Caution: The iLet® Bionic Pancreas is an investigational device limited by Federal (or United States) law to investigational use. Not available for sale.
1. Pettus et al., Diabetes Care. 2019;42:2220–2227
Investor Relations Contact:
Hattie Bailey
Senior Investor Relations Manager & Assistant Corporate Secretary
ir@betabionics.com
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Beehive Strategic Communication
media@betabionics.com
