Aspire Bariatrics, a King of Prussia, PA-based medical device company developing and commercializing a reversible minimally-invasive weight loss device for obesity, closed on up to $12m in venture debt financing.
Hercules Technology Growth Capital (NYSE: HTGC) provided the financing.
The company intends to use the funds to continue its PATHWAY pivotal trial in the US and Pre-Market Application (PMA) filing, expected in mid-2015 and ongoing post-market studies for the device, which is currently approved for commercial sale in Europe.
Led by Kathy Crothall, Chief Executive Officer and President, Aspire Bariatrics Aspire is committed to providing safe and effective treatments for obesity to patients worldwide. The AspireAssist device is implanted in a 15-minute outpatient procedure, is fully reversible, and does not alter the patient’s internal anatomy. It is currently completing its multicenter, randomized, controlled pivotal trial at ten hospital institutions across the USA, including Brigham and Women’s Hospital, Cornell University, the Mayo Clinic, University of Pennsylvania, and Washington University.