Allurion nets $34M to market its swallowable weight-loss balloon

allurion
Allurion's balloon has previously been launched in at least 25 countries across Europe, South America and the Middle East, with about 20,000 devices shipped. (Allurion)

Gastric weight-loss balloon manufacturer Allurion Technologies has raised $34 million in new funding to boost its commercialization efforts and entry into the U.S. market, pending FDA approval.

Through a securities financing and a growth capital term loan, the round was led by Novalis LifeSciences and Romulus Capital, with additional backing from IDO Investments and former Covidien CEO Jose Almeida. The loan was provided by Bridge Bank.

The former Fierce 15 winner also plans to use the proceeds to fuel its international growth as it pursues its U.S. regulatory blessing. Allurion previously completed enrolling participants in a pivotal trial of its Elipse Balloon and outpatient procedure and plans to submit its premarket application to the FDA in the next 12 months.

Free Webinar

From Patient Adherence to Manufacturing Ease - Why Softgels Make Sense for Rx

Join Thermo Fisher Scientific’s upcoming webinar to learn why softgels offer numerous benefits for Rx drug development, including enhanced bioavailability, patient compliance and easy scale-up. Register Today.

“We have experienced exponential growth over the past three years and with 2 billion people around the world who are overweight, we expect our rapid ascent to continue,” Allurion co-founder and CEO Shantanu Gaur said in a statement.

RELATED: Allurion bumps up series C to $27M as it revs up for U.S. trial

The company’s gastric balloon system is designed to be placed without surgery or anesthesia. It is swallowed as a capsule linked to a detachable catheter and is filled with liquid once it reaches the stomach. After about four months, the thin polymer balloon deflates and is passed from the body normally. 

It has previously been launched in at least 25 countries in Europe, South America and the Middle East, with about 20,000 devices shipped—including about half within the past year, according to the company. 

RELATED: FierceMedTech’s 2017 Fierce 15 | Allurion Technologies

“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.”

Suggested Articles

Biotech IPOs are up over 40% year-to-date, but today’s markets have rewritten the rules for going public. Find out the new best practices for IPOs.

Baxter has received clearance from the FDA for the latest version of its automated peritoneal dialysis system designed for home use.

ATAI Life Sciences is topping off a busy year with a $125 million financing, which will push two programs through phase 2 readouts.