Allurion Technologies, a Natick, Mass.-based provider of weight loss experiences, raised $34M in funding through a securities financing and a growth capital term loan.
The round was led by Novalis LifeSciences and Romulus Capital with participation from IDO Investments and ex-Covidien CEO Jose Almeida. The financing also includes a growth capital term loan from Bridge Bank.
The company intends to use the funds 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.
Led by Shantanu Gaur, co-founder and CEO, Allurion is advancing the Elipse Program, a weight loss experience featuring the Elipse Balloon, a swallowable, procedureless gastric balloon for weight loss, and a Bluetooth® body composition scale that pairs with a smartphone app to provide a 360-degree consumer experience. The company previously announced that it had completed enrollment in just 5 months for ENLIGHTEN, its landmark 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.
The Elipse Balloon received its European Union CE mark in 2015 and is currently available in Europe, the Middle East, and South America. It is not approved by the FDA and is not currently available commercially in the United States.