Bike healthA startup providing virtual treatment for opioid use disorder, has raised a $5 million Series B expansion from Cobalt Ventures.
WHAT ARE THEY DOING
Founded in 2017, Bicycle provides virtual care and pharmacotherapy support for opiate use disorders. It provides Suboxone, a buprenorphine and naloxone combination that can help reduce withdrawal symptoms and suppress cravings. Users can also access online support groups with other patients during their recovery.
Bicycle has also had more partnerships so far this year. In August, the company announced a collaboration with emergency telecommunications provider Tele911 to connect patients with continuation of care after an overdose or health crisis. Evernorth, the health services arm of insurance company Cigna, is also working with the startup to include its virtual treatment in its behavioral health network. Cigna health plan customers who receive health coverage through employer exchange programs or marketplaces in 24 states will also have access to Bicycle’s plan.
“Due to the lack of geographic access with high social and financial costs, direct treatment is not designed for the majority of Americans. Over the past three years, Bicycle Health has demonstrated that there is another way to addiction treatment through our evidence-based telehealth treatment model,” Ankit Gupta, founder and CEO of Bicycle Health, said in a statement. “This additional funding from Cobalt Ventures will allow us to expand our treatments to even more patients across the country and ultimately help more people lead addiction-free lives.”
SNAPSHOT . MARKET
Opium continues to be a serious public health concern in the United States According to CDCThe number of deaths from opioid overdose has increased from about 70,000 in 2020 to more than 80,000 last year. Overall, the number of drug overdose deaths has increased by nearly 15% in 2021.
However, one Recent research published in JAMA Psychiatry found that receiving telehealth services related to opioid use disorder during the COVID-19 pandemic was associated with lower rates of medically treated overdose and better retention with drugs such as methadone and buprenorphine.
Other digital health companies focused on addiction care include Boulder Care, recently raised $36 million; Ophelia, got it $50 million in Series B funding last year; Workit Health, that announced an increase of 118 million dollars almost a year ago; and Quit Genius, two substance use disorder programs were recently added Evernorth’s digital health portfolio.