BARONOVE, Inc. , announced today the closing of its $27 Series C funding 3 million, led by investment from Sante Ventures and Boston Scientific Corporation (NYSE: BSX), a leading innovator in medical devices and technology. Participants included Series B investors ONSET Ventures, Highland Capital Partners and Arboretum Ventures, as well as new investors Sante Ventures, Boston Scientific and Lumira Capital. The proceeds will be used to fund a pivotal study of the TransPyloric Shuttle (TPS) weight-loss technology to obtain US and European regulatory approvals. Financial terms have not been disclosed
TransPyloric Shuttle is an innovative mechanical device that is expected to slow down the digestion process and create a feeling of fullness that should slow or stop patients from overeating. The device is placed in the stomach endoscopically through the mouth in an approximately 10-minute outpatient procedure and may be removed in a similar fashion and timeframe as needed.
“TransPyloric Shuttle is a novel medical device with the potential to provide a minimally invasive, non-surgical and non-pharmaceutical treatment option for millions of obese patients,” said Kevin M. Lalande, Managing Director of Sante Ventures “We look forward to supporting BAROnova in its efforts to develop and commercialize this technology. “That’s right.
“This funding will provide BAROnova with an opportunity to complete the development of a product that has clinically demonstrated surgical weight loss levels without exposing patients to the anatomical alterations required by weight loss surgery,” said Hugh Narciso, Founder, President and CEO of BAROnova. “Securing this financial investment is further validating the TPS technology as an innovative, minimally invasive approach to weight loss. New Century Capital Partners, Inc. , acted as the sole placement agent
About BAROnov, Inc.
BAROnova is a clinical-stage medical technology company developing endoscopic devices for chronic treatment of obesity BAROnova technology focuses on slowing gastric emptying, a known mechanism for weight loss action. BAROnova’s novel weight-loss technology was invented by Board Member Daniel Burnett, MD, Chairman and CEO of TheraNova, LLC BAROnova is based in Goleta, CA. For more information about the company, please visit
