BOSTON, Sept. 22, 2022 (GLOBE NEWSWIRE) — In a press release issued today by Bicycle Health with the same title, note that the total funding figure to date in the first paragraph has changed from “88 million of dollars” to “83 million dollars”. The full corrected text is as follows:
Bicycle Healththe leading provider of virtual opioid addiction treatment, today announced an investment from Cobalt Ventures to further accelerate the expansion of its telehealth treatment for opioid use (OUD). The capital is part of Bicycle Health’s Series B venture capital funding, which brings the company’s total funding to date to $83 million.
“In the US, almost 10 million people are struggling with opioid use disorder, but only 10% are diagnosed or in treatment,” said Ankit Gupta, founder and CEO of Bicycle Health. “From lack of geographic access to high financial costs and social, in-person treatment is not designed for most Americans. Over the past three years, Bicycle Health has proven that there is another way to treat addiction through our evidence-backed 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 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 demonstrating the effectiveness of their telehealth model.
“Bicycle Health has demonstrated a unique ability to identify, engage and retain the ‘silent patients’ of opioid abuse,” said David Eichler, President and Managing Partner of Cobalt Ventures. “By addressing the critical need to improve access to care and deliver superior outcomes for the estimated 90 percent of patients who need, but do not receive, treatment for an opioid use disorder, Bicycle Health is playing an important role in affecting the massive economic and social costs generated by the opioid epidemic in the United States. Cobalt Ventures is proud to be a part of the company’s next chapter and help support and amplify its mission to improve access to care for one of the major public health crises of our time.”
Bicycle Health has experienced substantial momentum over the past year, including expansion into a slew of new states and 134% growth of the Bicycle Health team by 2021. With millions of people across America benefiting of 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 the health of the bicycle
Bicycle Health offers evidence-based confidential Virtual care for opioid use disorder, from the comfort of your home. We offer access to a team of highly trained medical experts, a personalized treatment plan, same-day prescription refills for medication management, and access to peer therapy and support groups. Our mission is to provide high-quality, affordable, convenient, and confidential opioid prescription treatment to those who need it, with the vision of helping anyone with a chronic illness live a happy life, healthy and full.
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 not-for-profit commercial health insurer in Kansas City . Cobalt invests in high-growth companies that align with Blue KC’s mission and can scale nationally in the payments industry. Cobalt actively partners with entrepreneurs to bring innovative healthcare solutions that increase overall quality, improve outcomes and lower costs for clients and members. More information about Cobalt Ventures can be found at http://www.cobalt-ventures.com.
LaunchSquad for Bicycle Health