A company developing an incisionless, implantable antiobesity medical device has made an early close of $3.1 million on a series B round of investment that’s expected to reach $5 million.
Columbus, Ohio-based EndoSphere will use the series B to commercially launch its Satisphere innovative medical device, which received the CE Mark recently. Additionally, EndoSphere plans to conduct post-clinical market follow-up studies of the device.
The funding was raised from 31 investors, with the first sale occurring on April 12, according to a regulatory document.
The Satisphere works by slowing the passage of food through the duodenum, the upper part of the smaller intestine that breaks down food. Because food is in contact with the duodenum for a longer time, the device essentially fools the body into thinking that it has consumed more food than it actually has.
The device helps obese and/or diabetic patients lose weight without the need for surgery or medication. It’s inserted into a patient’s body using an endoscope and it can be quickly and easily removed, according to the company.
EndoSphere’s investors include Broadline Capital, Glengary, North Coast Angel Fund, Ohio TechAngel Fund and Queen City Angels — all Ohio-based investment groups.
The company was recently awarded a U.S. patent around its incisionless technology.
Battling obesity is certainly a good market for medical device companies to be in, with 42 percent of U.S. adults expected to be obese by 2030.
The U.S. obesity epidemic was in the spotlight this week, as about 1,200 public health leaders and policy makers converged on Washington, D.C. for the second annual “Weight of the Nation” conference sponsored by the U.S. Centers for Disease Control and Prevention.