ReShape Medical said today it closed a $38 million Series D round of financing, with funds slated to support the commercialization of its ReShape integrated dual balloon weight-loss system.
The round was led by HealthCor Partners Management and included participation from Endeavour Vision SA, SV Life Sciences, New Leaf Venture Partners, U.S. Venture Partners and Venture Investors, San Clemente, Calif.-based ReShape said.
“The outlook for the ReShape Procedure has never been more promising, with the recent FDA approval followed by this demonstration of support by our investor partners. With this momentum and the positive feedback we are receiving from physicians across the country, the company is in a strong position to make the ReShape Procedure available to U.S. patients in need of a non-surgical option for weight loss and to achieve global leadership in non-surgical obesity treatment in the future,” CEO Richard Thompson said in a prepared statement.
The company won FDA premarket approval for its ReShape dual balloon system, indicated to facilitate weight loss in obese adult patients, in late July. The system is designed to be inserted endoscopically into the stomach, where it remains for 6 months to help patients feel full, ReShape said.
The balloon is meant to be temporary and patients with the device receive supervised diet and exercise plans to maintain weight loss following its removal, according to ReShape.
“With more than ⅓ of U.S. adults considered to be obese and with very limited non-surgical weight-loss options, the market potential for the ReShape Procedure is significant. We are impressed by data from the ReShape clinical trial and look forward to working with the company’s experienced management team to fill the sizeable, unaddressed need in the global obesity market with this new treatment option,” HealthCor Partners Managment’s Dr. Michael Mashaal said in a press release.
In April, the FDA waived a requirement that ReShape appear before an advisory committee for its premarket approval application, according to a MassDevice.com interview with Thompson.
In February, the company closed a nearly $7 million funding round with existing internal investors, according to an SEC filing. ReShape Medical has raised more than $46.5 million since its inception.
Last fall ReShape released results from its Reduce US pivotal trial that it said showed patients with the device lost 2.3 times more weight than patients using just diet and exercise.