BAROnova Nabs $36.5 Million Series D Financing
GOLETA, Calif., Nov. 23, 2015 /PRNewswire/ -- BAROnova, Inc., today announced it has closed a Series D financing of $36.5 million. Delos Capital led the round and Longitude Capital co-led the round, with participation from existing investors Lumira Capital Partners, ONSET Ventures and Sante Ventures. BAROnova® will use the proceeds to fund the U.S. pivotal study of the TransPyloric Shuttle® (TPS®), BAROnova's novel endoscopically delivered and retrieved weight-loss device.
"We are very excited about the opportunity to support BAROnova through this important clinical trial of the TPS. We believe that its differentiated technology may address an important need and, thereby create significant value," said Henry Chen, Managing Partner of Delos Capital.
"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.
"We welcome our new partners to the BAROnova team and look forward to continuing the collaboration with our steadfast existing investors and partners," said Hugh Narciso, Founder and CEO of BAROnova. "With this financing, we are well positioned to fund the development of the TPS, a product that has previously demonstrated the potential for compelling weight loss."
The U.S. Food and Drug Administration recently granted BAROnova an unconditional approval to initiate the U.S. pivotal clinical investigation of the TPS, known as the ENDObesity® II Study, which will be used to support a Premarket Approval Application (PMA) with the FDA. The first subject is expected to be enrolled before the end of 2015.
About BAROnova, Inc.
BAROnova, is a clinical-stage medical technology company developing devices for the treatment of obesity. BAROnova's technology focuses on slowing gastric emptying, a known mechanism of action for weight loss. BAROnova is headquartered in Goleta, CA. For more information about the company, please visit www.BAROnova.com.
About Delos Capital
Delos Capital is a healthcare-focused fund that invests in growth platforms in Greater China and innovation in the US in the areas of therapeutics and medical technology. Delos Capital seeks to achieve returns through supporting these companies in their development and also helping to create additional value from collaboration between these companies. For more information, please visit www.delos.capital.
About Longitude Capital
Longitude Capital is a private investment firm that focuses on venture growth investments in drug development and medical technology. Founded in 2006, Longitude Capital operates bi-coastally with offices in Menlo Park, CA and Greenwich, CT. Longitude Capital has over $700 million in assets under management, and most recently raised $385 million for its second fund, Longitude Venture Partners II, L.P., in 2012. For more information, please visit www.longitudecapital.com.