Obalon Therapeutics, Inc., a San Diego, CA-based developer of a novel, nonsurgical, fully-reversible device for weight loss, has closed a $16.5m Series C private equity financing.
The round was led by InterWest Partners with participation from existing investors Domain Associates and Okapi Venture Capital.
Obalon is a private medical technology company focused on developing innovative, high-quality gastric balloon technology for weight loss therapy. The device consists of a capsule containing a balloon that is swallowed and then remotely inflated. The balloon is intended to occupy space in the stomach to create a feeling of fullness to help people eat less.
Additional balloons can be swallowed and inflated during the treatment period as indicated for weight loss. At the end of the treatment period, the balloons are removed.
The company received IDE approval from the FDA and has begun enrolling its first clinical study in the U.S. to begin evaluating the safety and efficacy of the device. Obalon has received CE Mark approval for the Obalon Gastric Balloon System to allow commercial sales in the European Union and expects to begin initial distribution in Europe this summer.