Clinical-stage medical technology company Baronova has secured $27.3m from Series C financing round.
The financing, which is led by investments from Sante Ventures and Boston Scientific, will be used by the company to fund a pivotal study of the mechanical device TransPyloric Shuttle (TPS) weight-loss technology to gain US and European regulatory approvals.
The TransPyloric Shuttle, which is placed into the stomach endoscopically through the mouth in an approximately 10-minute outpatient procedure, is expected to slow the digestion process and create the sensation of fullness, which should slow or stop patients from overeating, according the company.
Sante Ventures managing director Kevin Lalande said, "We look forward to supporting BAROnova in its effort to develop and commercialize this technology."
Baronova founder, president and CEO Hugh Narciso said, "This funding will provide BAROnova with the opportunity to finish development on a product that has clinically demonstrated surgical levels of weight loss without exposing patients to the anatomy alterations required of weight-loss surgery."