BAROnova® Secures $27.3M Investment To Fund Clinical Trial For Weight-loss Device
GOLETA, Calif., February 15, 2013-- BAROnova, Inc., announced today the closing of its Series C financing of $27.3 million, led by investments from Sante Ventures and Boston Scientific Corporation (BSX), a leading innovator of medical devices and technologies. Participants included Series B investors ONSET Ventures, Highland Capital Partners and Arboretum Ventures, along with new investors Sante Ventures, Boston Scientific and Lumira Capital. Proceeds will be used to fund a pivotal study of the TransPyloric Shuttle® (TPS®) weight-loss technology to gain US and European regulatory approvals. Financial terms were not disclosed.
The TransPyloric Shuttle is an innovative mechanical device that is expected to slow the digestion process and create the sensation of fullness, which should slow or stop patients from overeating. The device is placed into the stomach endoscopically through the mouth in an approximately 10-minute outpatient procedure, and may be removed as needed in a similar fashion and time frame.
"The TransPyloric Shuttle is a novel medical device with the potential to provide a minimally invasive, non-surgical and non-pharmaceutical treatment option for the millions of patients struggling with obesity," said Kevin M. Lalande, Managing Director, Sante Ventures. "We look forward to supporting BAROnova in its effort to develop and commercialize this technology."
"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," said Hugh Narciso, Founder, President and CEO of BAROnova. "Securing this financial investment is further validation of the TPS technology as an innovative minimally invasive approach to weight loss." New Century Capital Partners, Inc., acted as the exclusive placement agent.
About BAROnova, Inc.
BAROnova is a clinical-stage medical technology company developing endoscopically-delivered devices for the chronic treatment of obesity. The BAROnova technology focuses on slowing gastric emptying, a known mechanism of action for weight loss. BAROnova's novel weight-loss technology was invented by BAROnova board member Daniel Burnett, MD, President and CEO of TheraNova, LLC. BAROnova is headquartered in Goleta, CA. For more information about the company, please visit www.BAROnova.com.
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