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Home » Allurion closes $48 million financing

Allurion closes $48 million financing

April 17, 2024 By Sean Whooley

Allurion AI weight loss management products Medtronic partnership
The Allurion Program. [Image courtesy of Allurion]
Allurion (NYSE:ALUR) announced today that it closed a financing of convertible senior secured notes worth $48 million.

The company entered into the financing with certain entities managed by RTW Investments. It intends to use proceeds to repay obligations under its existing term loan with Fortress Credit Corp. This reduces the company’s interest expense and increases operational flexibility.

Natick Massachusetts-based Allurion develops a gastric balloon for weight loss. The swallowable balloon requires no surgery, endoscopy or anesthesia. Once swallowed, the balloon fills and remains in the stomach for approximately four months before self-emptying and passing out naturally.

The balloon pairs with the company’s Virtual Care Suite remote patient monitoring platform. Allurion partnered with Medtronic on the AI-powered platform midway through last year.

Management at Allurion expects the financing to better position the business for the future. The notes reduce the interest rate on the company’s debt to 6%. They also lengthen the maturity over its existing term loan by nearly four years and allow for in-kind payments in the first three years.

Allurion says the net benefit of the changes, along with amended terms of an existing royalty interest financing agreement with RTW, extends its cash runway ahead of its AUDACITY FDA clinical trial read-out, expected by the end of the year.

“RTW’s investment underscores our shared belief in the long-term potential of the Allurion program,” said Dr. Shantanu Gaur, founder and CEO. “Our impressive clinical results and continued growth in procedural volume in our foreign markets give us confidence that Allurion will be a significant player in obesity management. The investment furthers our long-term partnership with RTW and provides us additional flexibility to achieve our long-term goals.”

Filed Under: Artificial Intelligence (AI), Business/Financial News, Funding Roundup, Health Technology, Patient Monitoring, Software / IT, Weight loss Tagged With: Allurion Technologies

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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