ReShape Medical raises $16 million in an equity round it hopes will wind up adding $22 million to its coffers for its dual-intragastric weight loss balloon.
ReShape Medical reeled in $15.8 million of a hoped-for $21.5 million funding round from a group of 7 unnamed investors, according to a regulatory filing.
The San Clemente, Calif.-based medical device company is developing a non-surgical weight loss device, the ReShape Duo, to treat obese patients. The device is a dual balloon designed to take up space in the stomach to reduce its capacity for food.
In June, ReShape landed $1.5 million in a debt round, according to a separate filing.
ReShape launched a Phase I U.S. investigational device exemption trial of the Duo device in March 2010, announcing in June 2011 that 21 patients in the 30-subject study "achieved an average of 32% excess weight loss and maintained much of this weight loss 6 months after the device was removed."
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