BOSTON, Sept. 22, 2022 (GLOBE NEWSWIRE) — In a press launch issued earlier in the present day by Bicycle Health underneath the identical headline, please notice the entire funding to-date determine within the first paragraph has modified from “$88 million” to “$83 million.” Complete corrected textual content follows:
Bicycle Health, the main supplier of digital opioid dependancy therapy, in the present day introduced an funding from Cobalt Ventures to additional speed up the enlargement of its telehealth opioid use dysfunction (OUD) therapy. The capital is part of Bicycle Health’s Series B enterprise capital financing, bringing the corporate’s complete funding to-date to $83 million.
“In the U.S., nearly 10 million people are struggling with opioid use disorder, but only 10% are diagnosed or in treatment,” stated Ankit Gupta, Bicycle Health founder and CEO. “From a lack of geographical access to high financial and social costs, in-person treatment is not designed for the majority of Americans. Over the past three years, Bicycle Health has proven that there is another way to treat addiction through our evidence-backed telehealth treatment model. This additional funding from Cobalt Ventures will enable us to expand our treatment to even more patients across the country, and ultimately help more people live addiction-free lives.”
Founded in 2017, Bicycle Health is the main supplier of digital opioid dependancy therapy, lowering OUD signs in over 18,000 sufferers and saving the healthcare system over $1.1 billion. As a digital OUD supplier, the corporate presently presents the most important nationwide protection and is on the market throughout 28 states. Bicycle Health can also be the primary and solely digital supplier within the OUD area to publish a peer-reviewed research proving the efficacy of its telehealth mannequin.
“Bicycle Health has demonstrated a unique ability to identify, engage and retain the ‘silent sufferers’ of opioid abuse,” acknowledged David Eichler, President and Managing Partner of Cobalt Ventures. “By addressing the critical need for improved access to care – and delivering superior outcomes for the estimated 90 percent of patients who need but are not receiving opioid use disorder treatment – Bicycle Health is playing an important role in impacting the massive economic and societal costs driven by America’s opioid epidemic. Cobalt Ventures is proud to be a part of the company’s next chapter and help support and amplify its mission of improving access to care for one of the top public health crises of our time.”
Bicycle Health has seen substantial momentum over the previous 12 months – together with an enlargement right into a slew of latest states and the 134% development of the Bicycle Health staff since 2021. With hundreds of thousands of individuals throughout America who stand to learn from Bicycle Health, the corporate is presently projected to avoid wasting the healthcare system practically $25.9 billion by 2026.
To be taught extra about Bicycle Health’s evidence-based telehealth therapy mannequin, go to https://www.bicyclehealth.com/how-it-works.
About Bicycle Health
Bicycle Health presents confidential evidence-based digital look after opioid use dysfunction, from the consolation of your private home. We present entry to a extremely skilled staff of medical consultants, a personalized therapy plan, same-day prescription refills for medicine administration, and entry to see help teams and remedy. Our mission is to supply high-quality, reasonably priced, handy, and confidential opioid use order therapy for these in want, with a imaginative and prescient to assist anybody with a power illness reside a cheerful, wholesome, and fulfilling life.
About Cobalt Ventures, LLC
Cobalt Ventures, LLC is the strategic enterprise capital arm of Blue Cross and Blue Shield of Kansas City, the most important not-for-profit well being insurer in Missouri and the one not-for-profit business well being insurer in Kansas City. Cobalt invests in excessive development firms that align with Blue KC’s mission and may scale nationally throughout the payer trade. Cobalt actively companions with entrepreneurs in bringing revolutionary options to healthcare that enhance total high quality, enhance outcomes, and decrease prices for purchasers and members. More details about Cobalt Ventures will be discovered at http://www.cobalt-ventures.com.
LaunchSquad for Bicycle Health