Cycling Health Announces $5M Investment From Cobalt Initiatives To Scale Virtual Opioid Use Disorder Treatment

Cycling Health

Investment contributes to Bicycle Health’s $50 million Series B round

BOSTON, September 22, 2022 (GLOBE NEWSWIRE) — In a press release earlier today by Bicycle Health under the same headline, please note that the total funding figure to date in the first paragraph is “$83 million,” down from “$88 million.” The full corrected text is as follows:

Bike HealthThe leading provider of virtual opioid addiction treatment announced an investment today Cobalt Initiatives to further accelerate the expansion of telehealth opioid use disorder (OUD) treatment. 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 Bicycle Health founder and CEO Ankit Gupta struggles with opioid use disorder, but only 10% are diagnosed or treated. “From the lack of geographic access to the high financial and social costs, in-person treatment is not designed for most Americans. Over the last three years, Bicycle Health has proven another way to treat addiction through our evidence-based telehealth treatment model. This additional funding from Cobalt Ventures has brought our treatment across the country. It will enable us to expand to include even more patients across the country and ultimately help more people lead 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 over $1.1 billion. As a virtual OUD provider, the company currently offers the widest 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 telehealth model.

“Cycling Health has demonstrated a unique ability to identify, connect with and retain ‘silent victims’ of opioid abuse,” said David Eichler, President and Managing Partner of Cobalt Ventures. “By addressing the critical need for better access to care and delivering superior outcomes for the estimated 90 percent of patients who need but do not receive opioid use disorder treatment – ​​Cycling Health plays a key role in influencing the huge economic and societal costs it incurs. By America’s opioid epidemic. Cobalt Ventures is proud to be part of the company’s next chapter, helping to support and grow its mission to improve access to care for one of the biggest public health crises of our time.”

Bicycle Health has gained significant momentum over the past year – including expansion to a number of new states and 134% growth of the Cycling Health team since 2021. With millions of people across America continuing to benefit from Cycling Health, the company is currently estimated to save the healthcare system approximately $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 Cycling Health
Bicycle Health offers confidential evidence-based information Virtual care for opioid use disorder, in the comfort of your home. We provide a highly trained team of medical professionals, a customized treatment plan, same-day prescription renewals for medication management, and access to peer support groups and therapy. Our mission is to provide high quality, affordable, convenient and confidential opioid prescription therapy to those in need, with the vision of helping everyone with a chronic illness lead 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, the largest nonprofit health insurer in Missouri and the only commercial nonprofit health insurer in Kansas City. Cobalt invests in high-growth companies that are aligned with Blue KC’s mission and that can scale nationally across the paying industry. Cobalt actively partners with entrepreneurs to bring innovative solutions to healthcare that improve overall quality, improve outcomes, and reduce costs for customers and members. You can find out more about Cobalt Ventures here: http://www.cobalt-ventures.com.

Communication
LaunchSquad for Cycling Health
[email protected]

Leave a Comment

Your email address will not be published.