Bicycle Health Announces $5 Million Investment

BOSTON, Sept. 22, 2022 (GLOBE NEWSWIRE) — In a press release issued earlier today by Bicycle Health under the same title, please note that the current total funding figure in the first paragraph has changed from “$88 million” to “$83 million dollars”. The full corrected text is below:

bike Healtha leading provider of virtual opioid addiction treatment, today announced an investment from Cobalt Ventures to further accelerate the expansion of opioid use disorder (OUD) treatment. This capital is part of Bicycle Health’s Series B venture capital round, bringing the company’s total funding to date to $83 million.

“In the US, almost 10 million people struggle with opioid use disorder, but only 10% are diagnosed or treated,” said Ankit Gupta, founder and CEO of Bicycle Health. “Due to the lack of geographic access to the high financial and social costs, in-person treatment is not available to most Americans. Over the past three years, Bicycle Health has proven that there is another way to treat addiction through our scientifically proven telemedicine 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 a leading provider of virtual opioid addiction treatment, reducing OUD symptoms in more than 18,000 patients and saving the healthcare system more than $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 publish a peer-reviewed study proving the effectiveness of the telemedicine model.

“Bicycle Health has demonstrated a unique ability to identify, engage and retain those affected by opioid abuse,” said David Eichler, president and managing partner of Cobalt Ventures. “By addressing a critical need to improve access to health care and providing excellent outcomes for the approximately 90 percent of patients who need, but do not receive, treatment for opioid use disorders, Bicycle Health is playing an important role in impacting the enormous economic and societal costs. the opioid epidemic in America. 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 health care for one of the major public health crises of our time.”

Bicycle Health has seen significant growth over the past year, including expanding into a number of new states and growing the Bicycle Health team by 134% from 2021. With millions of people across America who could benefit from Bicycle Health, the company predicts that the health care system will save nearly $25.9 billion by 2026.

To learn more about Bicycle Health’s evidence-based telemedicine treatment model, visit the website https://www.bicyclehealth.com/how-it-works.

About the health of the bicycle
Bicycle Health offers confidential, evidence-based information virtual care for opioid use disorder, without leaving home. We provide access to a highly skilled team of medical experts, a personalized treatment plan, same-day prescription refills for medication management, and access to support and therapy groups. Our mission is to provide high-quality, affordable, convenient, and confidential opioid treatment to those who need it, with a vision to help everyone with chronic conditions live happy, healthy, and fulfilled lives.

About Cobalt Ventures, LLC
Cobalt Ventures, LLC is the strategic venture capital arm of Blue Cross and Blue Shield of Kansas City, the largest not-for-profit insurance company in Missouri and the only not-for-profit commercial insurance company in Kansas City. Cobalt invests in high-growth companies that align with Blue KC’s mission and can scale nationally in the payer industry. Cobalt actively partners with entrepreneurs to deliver innovative healthcare solutions that improve overall quality, improve outcomes and lower costs for customers and participants. More information about Cobalt Ventures can be found at http://www.cobalt-ventures.com.

contact
LaunchSquad for Bicycle Health
[email protected]

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