BOSTON, Sept. 22, 2022 (GLOBE NEWSWIRE) — In a press release issued earlier today by Bicycle Health under the same title, please note that the total funding to date in the first paragraph has changed from “$88 million” to “ $83 million.” Full corrected text follows:
A bicycle Hellothe leading provider of virtual opioid addiction treatment, today announced an investment from Cobalt Ventures to further accelerate the expansion of its opioid use disorder (OUD) treatment into telehealth. The capital is part of Bicycle Health’s Series B venture capital funding, bringing the company’s total funding to date to $83 million.
“In the US, almost 10 million people struggle with an opioid use disorder, but only 10% are diagnosed or in treatment,” said Ankit Gupta, founder and CEO of Bicycle Health. “From the lack of geographic access to the high financial and social costs, in-person treatment is not for the majority of Americans. Over the past three years, Bicycle Health has proven there is another way to treat addiction through our evidence-based telehealth treatment model. This additional funding from Cobalt Ventures will allow 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 leading provider of virtual opiate addiction treatment, reducing OUD symptoms in over 18,000 patients and saving the healthcare system over $1.1 billion. As a virtual OUD provider, the company currently offers the largest national coverage and is available in 28 states. Bicycle Health is also the first and only virtual provider in the OUD space I publish peer-reviewed study proving the efficacy of his telehealth model.
“Bicycle Health has demonstrated a unique ability to identify, engage and retain the ‘silent sufferers’ of opioid abuse,” said David Eichler, president and managing partner of Cobalt Ventures. “By addressing the critical need for improved access to care – and providing superior outcomes for the approximately 90 percent of patients who need but do not receive opioid use disorder treatment – Bicycle Health is playing an important role in impacting the enormous economic and societal costs of America’s opioid epidemic. Cobalt Ventures is proud to be a part of the company’s next chapter and help support and expand its mission to improve access to care for one of the greatest public health crises of our time.”
Bicycle Health has seen significant momentum over the past year – including expansion into multiple new states and 134% growth of the Bicycle Health team since 2021. With millions of people in America able to benefit from Bicycle Health, the company is currently projected to save the healthcare system nearly $25.9 billion by 2026.
To learn more about Bicycle Health’s evidence-based telehealth treatment model, visit https://www.bicyclehealth.com/how-it-works.
About bike health
Bicycle Health offers confidential, evidence-based information virtual care for opiate use disorder, from the comfort of your home. We provide access to a highly qualified team of medical experts, a personalized treatment plan, same-day prescription refills for medication management, and access to peer support and therapy groups. Our mission is to provide high-quality, affordable, convenient and confidential opioid prescription treatment for those in need, with a vision to help everyone with a chronic illness live a happy, healthy and fulfilling life.
About Cobalt Ventures, LLC
Cobalt Ventures, LLC is the strategic venture capital arm of Blue Cross and Blue Shield of Kansas City, Missouri’s largest not-for-profit health insurer and the only commercial not-for-profit health insurer in Kansas City. Cobalt invests in high-growth companies that align with Blue KC’s mission and can expand nationally in the payer industry. Cobalt actively partners with entrepreneurs to introduce innovative healthcare solutions that increase overall quality, improve outcomes and reduce costs for customers and members. More information about Cobalt Ventures can be found at http://www.cobalt-ventures.com.
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