Jan 22 (Reuters) - Insulin delivery device maker Beta

Bionics said on Wednesday it was targeting a valuation of as

much as $615.9 million in its initial public offering in the

United States, underscoring a gradual recovery in medtech

listings.

IPO activity in the medtech sector had shown a steady

recovery in 2024 after high interest rates sapped investor

appetite in recent years.

Medical device maker CeriBell ( CBLL ) went public in New

York last year after raising $180 million in its upsized IPO.

Its shares are up 35% from the offer price, as of last close.

Beta Bionics is seeking to raise as much as $120 million by

offering 7.5 million shares at a price range of $14 to $16 each.

The Irvine, California-based company's net sales vaulted to

$44.7 million in the nine months ended Sept. 30, compared with

$3.6 million a year earlier, on the back of the U.S. Food and

Drug Administration's approval and commercialization of the

insulin delivery system iLet in May 2023.

The company's net loss, however, widened to $36.6 million in

the nine months ended Sept. 30, compared with $25.3 million a

year earlier.

Asset manager Wellington Management has agreed to purchase

$17 million worth of Beta Bionics shares in a concurrent private

placement at the IPO price.

Founded in 2015, Beta Bionics' backers include healthcare

investment firms Soleus Capital and RTW Investments.

BofA Securities, Piper Sandler, Leerink Partners, Stifel and

Lake Street are the underwriters for the offering.

Beta Bionics will list on the Nasdaq under the symbol

"BBNX".