Allurion Technologies raises $34m

Allurion Technologies announced today that it raised $34 million in new funding through a securities financing and a growth capital term loan.
Natick, Mass.-based Allurion plans to put the proceeds from the funding toward international growth and the launch of its weight loss program in the U.S. once FDA approval is secured, according to a news release.
The company’s Elipse Program is designed to place the Elipse Balloon in the stomach through a capsule swallowed during an outpatient visit. It is supposed to remain in the stomach for approximately four months before it opens and passes naturally after aiding in weight loss.
Allurion completed enrollment for its Enlighten trial for the Elipse Program within five months and said it plans to submit an application for pre-market approval to the FDA next year.
Novalis Lifesciences and Romulus Capital led the financing round, while IDO Investments and ex-Covidien CEO Jose Almeida participated as well. The growth capital term loan came from Bridge Bank.
“We have experienced exponential growth over the past three years and with two billion people around the world who are overweight, we expect our rapid ascent to continue,” Allurion co-founder & CEO Shantanu Gaur said in the release. “We believe that our focus on a 360-degree consumer experience that delivers life-changing results has differentiated us from the competition and driven unprecedented demand.”
“Allurion’s cutting-edge approach to one of the world’s largest unmet medical needs has the company poised for long-term success,” added Novalis LifeSciences founder & chairman Marijn Dekkers. “I believe that the company’s rapid growth is further evidence that its weight loss program has an attractive value proposition for both consumers and physicians.”
Original Article: (https://www.massdevice.com/allurion-technologies-raises-34m/)