BAROnova, a Goleta, CA-based clinical-stage medical technology company, has raised $27.3M in Series C financing.
The round was led by Sante Ventures and Boston Scientific Corporation, with participation from existing investors ONSET Ventures, Highland Capital Partners and Arboretum Ventures, and new investor Lumira Capital.
Led by Hugh Narciso, Founder, President and CEO, BAROnova is developing endoscopically-delivered devices for the chronic treatment of obesity. The company intends to use the capital for a pivotal study of the TransPyloric Shuttle® (TPS®) weight-loss technology to obtain US and European regulatory approvals. This mechanical device that is expected to slow the digestion process and create the sensation of fullness, which should slow or stop patients from overeating. It is placed into the stomach endoscopically through the mouth in an approximately 10-minute outpatient procedure, and may be removed as needed in a similar time frame.