BAROnova, Inc., a San Carlos and Goleta, California-based clinical-stage medical device company, received a $7.5m credit facility.
Square 1 Bank, a division of Pacific Western Bank, provided the financing.
The company intends to use the proceeds, which supplement its recently raised Series D equity round, for continued growth and strategic initiatives.
Led by David Thrower, chief executive officer, BAROnova has developed a non-surgical, non-pharmacologic medical device for weight loss in patients with obesity. The BAROnova TransPyloric Shuttle® (TPS®) is designed to slow gastric emptying which enables patients to feel fuller longer.
The device is inserted into the patient’s stomach through a brief endoscopic procedure. Currently in clinical trial, the ongoing FDA pivotal study is designed to demonstrate the relative efficacy and safety of the device in combination with modest diet and lifestyle support versus diet and lifestyle support alone.