Obalon Therapeutics and AMOREPACIFIC Commence Strategic Alliance to Launch a Novel Non-Surgical Device for Weight Loss in South Korea
SAN DIEGO, Jan. 3, 2013 /PRNewswire/ -- Obalon Therapeutics, Inc. (www.obalon.com) today announced that it has received a strategic investment from AMOREPACIFIC Ventures and has entered into an exclusive international distributorship agreement with PacificPharma, an AMOREPACIFIC Group subsidiary, for its novel non-surgical device for weight loss. Obalon has granted PacificPharma exclusive rights to market and distribute Obalon's device for weight loss in South Korea, subject to regulatory approval of the device by the Korea Food and Drug Administration (KFDA).
"It is a great pleasure to establish this collaboration with Obalon," said Won-Joon Ahn, PacificPharma's Chief Executive Officer. "We believe Obalon's highly differentiated novel non-surgical device will be an important treatment option for patients in Korea and a solution for the unmet medical need for weight loss."
"We are very pleased to have the opportunity to work with PacificPharma to commercialize our technology for weight loss in Korea," said Andy Rasdal, Obalon's Chief Executive Officer. "We believe PacificPharma's proven capabilities and expertise make them an ideal partner for Obalon."
Obalon is developing a novel non-surgical, fully-reversible device for weight loss. The device consists of a capsule containing a balloon that is swallowed and then remotely inflated. The balloon is intended to occupy space in the stomach to create a feeling of fullness to help people eat less. Additional balloons can be swallowed and inflated during the treatment period as indicated for weight loss. At the end of the treatment period, the balloons are removed.
Obalon received Investigational Device Exemption (IDE) approval from the United States Food and Drug Administration (FDA) and is enrolling its first U.S. feasibility clinical trial evaluating the safety and efficacy of the device. The Company has completed four clinical trials outside the U.S.
The Company has obtained CE Mark Registration for the Obalon Gastric Balloon System and has commenced initial commercial sales in the European Union. In the U.S., the device is not commercially available and is only being studied in clinical trials as an investigational device.
Roberts Mitani served as advisor for AMOREPACIFIC Ventures and PacificPharma. www.robertsmitani.com
About AMOREPACIFIC Ventures
AMOREPACIFIC, based in Seoul, South Korea, is one of the leading cosmetic and aesthetics companies in Asia, with annual turnover of approximately $3 billion. AMOREPACIFIC Ventures, the corporate venture fund of AMOREPACIFIC, focuses on innovative technologies in the beauty and aesthetic area. www.amorepacific.com
About PacificPharma Corporation
PacificPharma Corporation is one of the leading pharmaceutical companies in South Korea. PacificPharma is committed to be a leader in medical aesthetic area and devoted to achieve its core vision, 'contributing to the health and beauty.' The PacificPharma's market power in the medical aesthetic industry is remarkable and rapidly growing. www.pacificpharm.co.kr
About Obalon
Obalon is a private medical technology company based in San Diego, California focused on developing innovative, high-quality gastric balloon technology for weight loss therapy. www.obalon.com
SOURCE Obalon Therapeutics, Inc.