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Bicycle Health raises $50 million to treat virtual opioid use disorder

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Starting Virtual Opioid Use Disorder Treatment Bicycle Health scored $50 million in a Series B funding round led by InterAlpen Partners.

Other participants in the round include existing investors Questa Capital, Frist Cressey Ventures and City Light Capital. The Series B brings Bicycle’s total raise to $83 million, building on a $27 million Series A announced in June 2021.

WHAT IT DOES

Bicycle offers virtual treatment for opioid use disorders, including drug-assisted treatments such as Suboxone. The startup currently operates in 25 states.

Patients can set up an introductory meeting with the startup to determine if Bicycle’s treatment would work for them, then schedule a virtual appointment to develop a care plan and discuss drug treatment. Patients also have access to health coaching and online support groups.

WHAT IS IT FOR?

Bicycle said it plans to use the capital to grow its team, improve its virtual care platform, add strategic partnerships and conduct research to study the effectiveness of its treatment model.

“For too long, Americans struggling with opioid addiction have felt lost in seeking treatment options — whether it be a lack of access to personal facilities or the monetary and social costs traditionally associated with treatment,” said CEO and founder. Ankit Gupta in a statement. pronunciation. “Bicycle Health has proven that there is another way to help people face their OLD, and with this latest round of funding, we will continue to make our virtual care platform available to even more Americans battling OLD.”

MARKET SNAPSHOT

Opioid use disorder remains a serious public health problem in the US recently released data from the CDC, the number of opioid overdose deaths rose from an estimated 70,029 in 2020 to 80,816 in 2021. The total number of drug overdose deaths rose 15% year-on-year.

Another general addiction treatment company is Workit Health, which Last year $118 million in Series C financing. Quit Genius, which offers treatment programs for tobacco, alcohol and opioid addictions, completed a Series B round of $64 million last summer. Opioid-focused Ophelia announced a $50 million raise in December.

Cerebral, a digital mental health company, recently launched its own treatment program for opioid use disorders. While the company plans to discontinue prescriptions for most controlled substances in the midst of a federal investigation into its prescription practices, Cerebral said it will continue to prescribe drugs for opioid use disorders.

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