A California medical device company hoping to bring a less invasive alternative to bariatric surgery to market says it’s raised $5.5 million from investors to test the device in humans.
Onciomed is developing an implantable device designed to restrict the food intake of someone who’s obese or has type 2 diabetes without permanently removing parts of the stomach. During a laparoscopic procedure, the stomach is tucked into itself and the Gastric Vest System is placed around it, so that the stomach holds the shape of a channel to the intestine. The idea is that food will pass through the stomach quicker and will trigger satiety signals to the brain sooner.
To see whether the promising results seen in animal studies carry over to humans with obesity or T2D, Onciomed has launched clinical trials in Latin America, Asia and Europe and hopes to begin tests in the U.S. later this year. Company officials said the Series A funding will also go toward developing a patient compliance system and supporting company operations.
GVS is designed to be a less invasive, reversible alternative to other forms of bariatric surgery, founder and CEO Dr. Raj Nihalani said when he presented the company at the Medical Innovation Summit in the fall. Market analysts have predicted that the U.S. market for weight loss and obesity management will grow over the next few years, fueled by the expected availability of lower-cost and less risky surgery alternatives like intragastric balloons and gastric stimulation devices.
Onciomed, founded in 2009, is based in Irvine, Calif.
