Gelesis, a Boston, MA-based clinical stage biotechnology company focused on the development of products to safely induce weight loss and improve glycemic control, closed a $31.5m growth financing round.
Backers included Cormorant Asset Management, and current investors Invesco Asset Management, PureTech and the Priztker/Vlock Family Office.
Led by Yishai Zohar, Co-founder and Chief Executive Officer, Gelesis focuses on the development of novel therapies to induce weight loss and improve glycemic control in overweight and obese patients, including those with prediabetes and diabetes.
It is advancing:
– Gelesis100, an orally administered capsule containing small hydrogel particles designed to employ multiple mechanisms of action along the gastrointestinal tract to safely induce weight loss and improve glycemic control in overweight and obese patients, and
– Gelesis200, a product optimized to improve glycemic control in prediabetics and type 2 diabetics who may or may not require weight loss.
The company, which has raised over $90m since founding, plans to use the funds to complete a six-month U.S. Food and Drug Administration (FDA) pivotal trial of Gelesis100, with data expected to be available in the first half of 2017, and a first-in-human studies of Gelesis200, with anticipated read-out of a three-month proof-of-concept study expected in the second half of 2016.