Medical Devices

Aspire Bariatrics raises $16 million

Aspire Bariatrics, a King of Prussia-based medical device company focused on weight loss, has raised $16.2 million of a $20 million target through a combination of equity, warrants and options, according to a filing with the U.S. Securities and Exchange Commission.

The development stage company commercializing its Aspire Assist device for obesity is nearing completion of its U.S. pilot trials and expects to launch the product outside the United States in early 2012 and within the U.S. in early 2014, according to a biography of CEO Katherine Crothall on the University City Science Center’s website. Crothall was scheduled to speak at the science center Oct. 10.

About 39 have invested in the current offering as of Dec. 15, according to the filing.

Crothall has also served as a principal at Liberty Venture Partners, a Philadelphia venture capital firm focused on medical technology and IT companies. She also founded and served as CEO of Animas Corp., a manufacturer of insulin infusion pumps located in West Chester, Pennsylvania, until it was acquired by Johnson and Johnson (NYSE:JNJ) in February 2006.


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