Weight loss: Boston Scientific backs BaroNova in $27M funding round

February 15, 2013 by MassDevice staff

BaroNova reels in a $27 million Series C funding round, with help from medical device industry stalwart Boston Scientific, for its transpyloric shuttle weight-loss device.

Boston Scientific

Boston Scientific (NYSE:BSX) took part in a $27.3 million Series C round for weight loss device maker BaroNova, joined by Sante Ventures, Lumira Capital and a bevy of other venture capital shops.

Goleta, Calif.-based BaroNova is developing a "transpyloric shuttle," inserted endoscopically into the stomach to slow digestion and create a feeling of satiety, "which should slow or stop patients from overeating," according to a press release.

Other backers in the round included Series B investors Onset Ventures, Highland Capital Partners and Arboretum Ventures.

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BaroNova said it plans to use the proceeds to pursue a pivotal study to back its approval bids in the U.S. and Europe.

"This funding will provide BaroNova with the opportunity to finish development on a product that has clinically demonstrated surgical levels of weight loss without exposing patients to the anatomy alterations required of weight-loss surgery," founder, president & CEO Hugh Narciso said in prepared remarks. "Securing this financial investment is further validation of the TPS technology as an innovative minimally invasive approach to weight loss."