Devices & Diagnostics

BAROnova brings in $36.5M Series D for implanted weight-loss device

BAROnova has brought in significant capital to fund its U.S. clinical study of its endoscopically delivered weight-loss device, the TransPyloric Shuttle (TPS).

BAROnova Inc. announced today that it has recieved $36.5 million in a Series D round to fund the U.S. clinical study of its endoscopically delivered weight-loss device, the TransPyloric Shuttle (TPS). Financing was led by Delos Capital and Longitude Capital with additional investment from Lumira Capital Partners, ONSET Ventures and Sante Ventures.

“We are very excited about the opportunity to support BAROnova through this important clinical trial of the TPS,” Henry Chen, Managing Partner of Delos Capital, said in a company statement. “We believe that its differentiated technology may address an important need and, thereby create significant value.”

This is the most funding the company has brought in since the $27.3 million back in 2013, according to CEO Hugh Narciso.

The TPS device, invented by BAROnova board member Daniel Burnett, MD, President and CEO of TheraNova, LLC., is easily inserted into the stomach through the mouth in a minimally invasive endoscopic procedure. The TPS is designed to cause the patient’s stomach to fill up faster, stay full longer and potentially delay gastric emptying.

“BAROnova’s TPS has been shown to help patients lose as much weight with a durable, endoscopically placed device as with today’s more invasive surgical alternatives.  This round of financing is an important step toward the goal of providing millions of obese patients with a safer and effective alternative for weight loss,” said Dr. Gregory Grunberg, Managing Director of Longitude Capital.

The FDA recently granted BAROnova an unconditional approval to initiate the U.S. pivotal clinical investigation of the TPS, called the ENDObesity II Study. That will be used to support a Premarket Approval Application.

The first subject is expected to be enrolled by the end of the year.

Photo courtesy of BAROnova

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