Biobeat Secures $50 Million Series B Financing to Advance Commercialization of its Patch-worn, Cuff-less 24-hour Ambulatory Blood Pressure Monitor

PETAH TIKVA, Israel & BOCA RATON, Fla.–(BUSINESS WIRE)–#24hourABPM–Biobeat Technologies, Ltd., 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.

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.”

About Biobeat

Biobeat is an innovative company with operations in Tel Aviv, Israel and Boca Raton, Florida. Biobeat is focused on revolutionizing the blood pressure monitoring landscape by expanding the use of ABPM for hypertensive patients and providing 24-hour blood pressure data that allows for patient comfort and uninterrupted sleep while capturing critical nighttime BP measurements seamlessly and accurately. For more information visit https://www.bio-beat.com

About Ally Bridge Group

Ally Bridge Group is a global healthcare investment management firm focused on high impact life science innovation. The firm was founded by Frank Yu in 2013. The firm manages assets from offices in New York City and Hong Kong. Since establishment, Ally Bridge has led or co-led over $6 billion of transactions in healthcare. We seek to address unmet clinical needs via our investments. To learn more, please visit https://ally-bridge.com

About OrbiMed

OrbiMed is a leading healthcare investment firm, with over $19 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, through private equity funds, public equity funds, and royalty/credit funds. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies. OrbiMed’s team of over 130 professionals is based in New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key global markets. To learn more, please visit https://www.orbimed.com

About Elevage Medical Technologies

Elevage Medical Technologies is a platform established by Patient Square Capital and is dedicated to supporting medical technology companies that can meaningfully improve health outcomes and quality of life for patients. Elevage provides capital along with deep technical, regulatory, and operational expertise to companies ranging from advanced clinical development to commercial acceleration stage. Elevage supports rapidly growing, highly differentiated companies with paradigm shifting technologies and strives to help build industry leading medical technologies. To learn more about Elevage, please visit www.elevagemedical.com

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