Aspire Bariatrics Secures $12M Venture Debt

Aspire Bariatrics, a medical device company that develops and markets a reversible, minimally invasive obesity weight loss device, today announced that it has closed up to $12 million in venture debt financing with Hercules Technology Growth Capital (NYSE: HTGC) The funding will support the continuation of the company’s PATHWAY pivotal trial in the U.S. and Pre-Market Application (PMA) filing, expected to take place in mid-2015. The funding will also support ongoing post-market studies of the device currently approved for commercial sale in Europe.

‘We are very pleased to conclude this funding agreement with Hercules, the leading specialist finance company in the healthcare sector,’ said Kathy Crothall, Chief Executive Officer and President of Aspire Bariatrics. ‘With access to this capital, Aspire is well positioned to file an AspireAssist® FDA approval in the United States in mid-2015, with the expected US market entry in early 2016. ”

The AspireAssist has the potential to revolutionize the treatment of obesity with its novel approach to portion control and to focus on gradual lifestyle changes. The device is implanted in a 15-minute outpatient procedure, is fully reversible and does not alter the internal anatomy of the patient. The facility is currently completing its multicenter, randomized, controlled pivotal trial at ten leading hospitals across the United States, including Brigham and Women’s Hospital, Cornell University, Mayo Clinic, University of Pennsylvania, and Washington University. This funding will support ongoing efforts to enable obese patients worldwide to access this therapy.

Aspire Bariatrics, Inc.

Aspire is a commercial medical device company committed to providing safe and effective treatment for obesity to patients worldwide, providing excellent customer service and education, and continuing innovation. Aspirabariatrics Com