Medical device company Bigfoot Biomedical Inc disclosed on Monday that secured USD45m from the initial tranche of a Series C equity financing.

The round is led by Abbott with support from existing investors, including Quadrant Capital Advisors, Senvest Capital, Janus Henderson, as well as Cormorant Asset Management.

Proceeds will be used to support the completion of product development and FDA clearance for the Bigfoot Unity Diabetes Management Programme, an injection-based digitized insulin dosing platform utilizing a proprietary, connected insulin pen-based system that integrates Abbott's FreeStyle Libre glucose sensing technology. Submission is anticipated in 2020 with a target launch by year-end 2020.

In addition, the Series C funds will be directed toward clinical trials of future generation Bigfoot Unity systems incorporating closed-loop technology for injection users.