Weight loss company BaroNova said it closed a $36.5 million Series D round of financing for its TransPyloric Shuttle endoscopically delivered and retrievable weight-loss device.
The round was led by Delos Capital and Longitude Capital, and joined by existing investors Lumira Capital Partners, Onset ventures and Sante Ventures.
“We are very excited about the opportunity to support BAROnova through this important clinical trial of the TPS. We believe that its differentiated technology may address an important need and, thereby create significant value,” Delos Capital managing partner Henry Chen said in a press release.
Proceeds from the round will be used to fund the U.S. pivotal study of its TPS endoscopic weight-loss device.
“BaroNova’s TPS has been shown to help patients lose as much weight with a durable, endoscopically placed device as with today’s more invasive surgical alternatives. This round of financing is an important step toward the goal of providing millions of obese patients with a safer and effective alternative for weight loss,” Longitude Capital managing director Dr. Gregory Grunberg said in a prepared statement.
BaroNova said it recently won FDA approval to launch a pivotal clinical investigation of the system that will be used to support a premarket approval application fro the device. The company hopes to enroll the 1st patient before the end of this year.
“We welcome our new partners to the BaroNova team and look forward to continuing the collaboration with our steadfast existing investors and partners. With this financing, we are well positioned to fund the development of the TPS, a product that has previously demonstrated the potential for compelling weight loss,” CEO Hugh Narciso said in prepared remarks.
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