- Allurion Technologies, a pioneering leader in the development of innovative and scalable weight loss experiences, announced it has raised $34 million in a round of funding through a securities financing and a growth capital term loan
Allurion Technologies — a pioneering leader in the development of innovative and scalable weight loss experiences — has announced that it has raised $34 million in a new round of funding through a securities financing and a growth capital term loan. This round of funding was led by Novalis LifeSciences and Romulus Capital with participation from IDO Investments and ex-Covidien CEO Jose Almeida.
This round of financing also includes a growth capital term loan from Bridge Bank. And the company intends to use these proceeds to continue growing internationally and subject to obtaining approval of the U.S. Food and Drug Administration (FDA), launching their weight loss program in the United States.
And Allurion previously announced that it had completed enrollment in just 5 months for ENLIGHTEN, its pivotal trial for FDA approval. Allurion plans to submit its Pre-Market Approval (PMA) Application to FDA next year as it continues its path toward FDA approval.
“Allurion’s cutting-edge approach to one of the world’s largest unmet medical needs has the company poised for long-term success,” said Marijn Dekkers, founder and Chairman of Novalis LifeSciences and former CEO of Bayer and Thermo Fisher Scientific. “I believe that the company’s rapid growth is further evidence that its weight loss program has an attractive value proposition for both consumers and physicians.”
Allurion’s Elipse Program features the Elipse Balloon — which is the world’s first and only procedureless medical device for weight loss — and a Bluetooth body composition scale that pairs with Allurion’s smartphone app to provide a 360-degree consumer experience.
Compared to other weight loss balloons on the market, the Elipse Balloon is designed to be placed and removed without surgery, endoscopy, or anesthesia. The Elipse Balloon is swallowed in a capsule during an outpatient office visit and is designed to remain in the stomach for approximately four months after which it opens and passes naturally from the body. Plus over 20,000 devices have already been distributed across 25 countries with over half shipped this year alone.
“We have experienced exponential growth over the past 3 years and with 2 billion people around the world who are overweight, we expect our rapid ascent to continue,” added Shantanu Gaur, co-founder and CEO of Allurion. “We believe that our focus on a 360-degree consumer experience that delivers life-changing results has differentiated us from the competition and driven unprecedented demand. As a result, Allurion is now the leader in a new category with massive potential.”