Foley & Lardner LLP advised Bicycle Health, a virtual opioid use disorder treatment startup, on its $50 million Series B funding round led by InterAlpen Partners. Other participants in the round include existing investors Questa Capital, Frist Cressey Ventures, and City Light Capital. The Series B brings Bicycle Health's total raise to $83 million, building on a $27 million Series A announced in June 2021.
Bicycle Health offers virtual treatment for opioid use disorder, including medication assisted treatment like Suboxone, to over 10,000 patients across 23 states. The company enters into value-based contracts with health plans and offers a direct-to-consumer option. Patients are matched with a provider and set up a care plan through virtual appointments. Health coaching and online support groups are also available. The new capital will be used to grow Bicycle Health’s team, improve its virtual care platform, add strategic partnerships, and conduct research to study the effectiveness of its treatment model.
Partner Thomas (T.J.) Ferrante, a member of Foley’s national Telemedicine & Digital Health Industry Team, assisted Bicycle Health on both its Series A and Series B funding rounds.
The Telemedicine & Digital Health Industry Team helps venture-backed and high-growth companies embrace emerging issues in virtual care, enabling them to provide innovative care for patients in new markets around the block and around the world. Foley is committed to helping entrepreneurs fulfill their goals of harnessing new technology to reach patients anywhere, delivering care without borders or geographic limitations. The firm helps create fully-fledged telemedicine offerings, providing end-to-end legal services by coupling precise strategic guidance with rapid turnarounds to maintain that sense of urgency necessary to launch new initiatives and remain competitive in the marketplace. Learn more at www.foley.com/telemedicine.