NATICK, Mass.--(BUSINESS WIRE)--Allurion Technologies, makers of the Elipse® Balloon – the world’s first and only procedureless gastric balloon for weight loss – announced today that it has secured $27 million in Series C funding. The round was led by existing investor Romulus Capital, with participation from Cogepa Investments and IDO Investments, an innovation firm based in Oman. The company intends to use these proceeds to expand its commercial presence internationally, scale manufacturing to meet increased demand, and pursue a U.S. clinical trial as part of its approval process with the U.S. Food and Drug Administration (FDA).
The Elipse Balloon received its European Union CE mark in 2015 and is currently available in more than 40 leading weight loss centers in ten countries across Europe and the Middle East. Unlike any other weight loss device on the market, the Elipse Balloon is placed and removed without surgery, endoscopy, or anesthesia. It is swallowed in a capsule during a brief outpatient office visit and remains in the stomach for approximately four months, after which it opens and passes naturally from the body. Consumers who use the Elipse Balloon also receive an Allurion Bluetooth®-enabled scale and a mobile app that facilitates weight tracking and data sharing with their medical team.
“At Allurion, one of our goals is to disrupt the weight loss industry with products that are more effective than dieting, but also affordable and scalable,” said Allurion Co-Founder Dr. Shantanu Gaur. “Our initial success with the Elipse Balloon validates this approach, and this funding will assist us in serving the millions of people around the world who are struggling to lose weight.”
According to a McKinsey study, if the prevalence of obesity continues to rise at its current rate, more than half of the world’s adult population will be overweight or obese by 2030.1 Because of cost, inconvenience, and risks stemming from surgery, only a fraction of these individuals pursue currently available weight loss procedures.2
“The procedureless nature of the Elipse Balloon is a step forward in the field of weight loss devices,” said Dr. Roberta Ienca of Sapienza University in Rome. “In my practice, there is an unmet need for weight loss options that do not require surgery, endoscopy, or anesthesia. With the advent of the Elipse Balloon, I now have a therapy to offer.”
According to data recently presented at the European Congress on Obesity, people treated with the Elipse Balloon lost an average of 33 pounds; there were no serious adverse events.3
“Allurion’s frictionless approach to a massive and pervasive problem represents not just a novel product, but an entirely unique approach to medical innovation – lean, agile, and focused on treating patients as discerning consumers,” said Krishna K. Gupta, Founder of Romulus Capital. “We’ve partnered with Allurion’s world-class team from the beginning. I am excited about this next stage of growth, now that the company has proven commercial success in its initial markets.”
The Elipse Balloon is not yet approved by the FDA and is not currently available in the United States.
About the Elipse Balloon
The Elipse Balloon is a procedureless weight loss device that is swallowed and removed without surgery, endoscopy, or anesthesia. The Elipse Balloon is made of a thin, flexible polymer film. The device is swallowed in a capsule and filled with liquid through a thin delivery catheter, which is then detached. The balloon remains in the stomach for approximately four months, after which it opens, allowing it to empty and pass naturally from the body without the need for a removal procedure. A clinical study of the Elipse Balloon in individuals with a Body Mass Index (BMI) between 27 and 40 showed an average weight loss of 15 kilograms (33 pounds), with participants losing 50 percent of their excess weight and 14.8 centimeters (5.8 inches) from their waist circumference. Participants also saw improvements in their triglycerides, hemoglobin A1c (HbA1c), and quality of life. Learn more and see an animation of the Elipse Balloon in action here.
About Romulus Capital
Romulus Capital is one of the fastest-growing early-stage venture capital firms in the world and is focused on building, rather than betting on, the next big technology and science-enabled companies. The firm partners with entrepreneurs looking to become industry leaders and works with them to build world-class teams, win major customers, iterate on product, and think strategically about growth. The firm was founded out of MIT in 2008 and manages nearly $200M. More information is available at www.romuluscap.com or on Twitter @romuluscap.
About Allurion Technologies
Allurion Technologies is dedicated to helping people transform their health and realize their full potential with products that are safe, effective, affordable, and scalable. The company's flagship product, the Elipse Balloon, is a swallowable, procedureless weight loss device that resides in the stomach, inducing satiety and promoting weight loss. Learn more about the Elipse Balloon and Allurion online at www.allurion.com, on Facebook at www.fb.com/allurion, or on Twitter @alluriontech.
Dobbs, R., Sawers, C., Thompson, F., Manyika, J., Woetzel, J., Child, P., . . . Spatharou, A. (2014, November). Overcoming obesity: An initial economic analysis (Rep.). Retrieved June 20, 2017, from McKinsey Global Institute website: http://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/how-the-world-could-better-fight-obesity
|2.||Stanford, F. C., Kyle, T. K., Claridy, M. D., Nadglowski, J. F. and Apovian, C. M. (2015), The influence of an individual's weight perception on the acceptance of bariatric surgery. Obesity, 23: 277–281. doi:10.1002/oby.20968|
|3.||Ienca, R, Ernesti, I, et al., A New Swallowable Intragastric Balloon for Weight Loss Not Needing Endoscopy: Early Experience in Combination with a VLCKD. Poster session at: the 24th European Congress on Obesity; 2017 May 17-20; Porto, Portugal.|