A California medical device maker that seeks to treat obesity through a nonsurgical alternative has raised $15.8 million of a $21.4 million fundraise, a regulatory filing shows.
ReShape Medical has developed a dual gastric balloon — the ReShape Duo — that can be inserted in the stomach through the mouth and inflated with saline to occupy more space in the stomach of an obese patient and give him a sensation of being more full.
The ReShape Duo is intended for patients who don’t want or don’t qualify for surgery and for those who don’t want to endure the side effects of drugs, according to the company’s website. It is to be worn for a period of six months during which time the patient will work with dietitians to change his eating habits.
The product is already approved in Europe, but not in the U.S. In June, the company announced that it will launch a pivotal clinical trial to gain approval from the U.S. Food and Drug Administration. The company claims that in recent studies patients lost a third of their weight in six months.
Investors in the company include New Leaf Venture Partners, US Venture Partners, SV Life Sciences and Intersect Partners. Including this current round, the company has raised $40.3 million since 2007, according to documents filed with the U.S. Securities and Exchange Commission.