BAROnova, a weight loss technology manufacturer based in Goleta, California, announced that it was able to successfully raise $27 million in a Series C round of financing. According to a press release by the company, the latest financing round was led by Boston Scientific. Other participants included Arboretum Ventures, Highland Capital Partners and ONSET Ventures.
In its press release, the company stated that it will use funds from the Series C venture round to pursue a clinical trial of its anti-obesity device. The TransPyloric Shuttle device can be implanted during a ten minute outpatient procedure. Once inserted into the stomach through a patient’s esophagus, the device changes the way the body digests food. This leads to a feeling of satiety and can reduce a patient’s food intake.
Hugh Narciso is the CEO, president and founder of BAROnova. In prepared remarks, he said, "This funding will provide BAROnova with the opportunity to finish development on a product that has clinically demonstrated surgical levels of weight loss without exposing patients to the anatomy alterations required of weight-loss surgery.”
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