Gelesis, a Boston, MA-based biotechnology company developing a novel hydrogel platform technology to treat obesity and other chronic diseases related to the gastrointestinal (GI) tract, secured $84.6m in funding.
Vitruvian Partners led a $63.4m equity round with participation from other investors, complemented by $21.2m in new, non-dilutive grant funding and loans.
The company intends to use the funds to enhance its strategic launch initiatives and leverage its early commercial experience as they prepare for large scale commercial availability of Plenity in the U.S.
Led by Yishai Zohar, founder and chief executive officer, Gelesis is developing a novel hydrogel platform technology to treat overweight and obesity and chronic diseases related to the GI pathway. Its proprietary approach is designed to act mechanically in the GI pathway to potentially alter the course of certain chronic diseases.
In April 2019, the company received FDA clearance for its lead product candidate, Plenity™, as an aid for weight management in overweight and obese adults with a Body Mass Index (BMI) of 25-40 kg/m2, when used in conjunction with diet and exercise.
Gelesis anticipates Plenity will be available by prescription in the U.S. in the second half of 2020.
Additionally, the company is developing its second investigational candidate, Gelesis200, a hydrogel optimized for weight loss and glycemic control in patients with type 2 diabetes and prediabetes.
This novel Gelesis hydrogel technology is also being advanced in other GI conditions, such as non-alcoholic steatohepatitis (NASH) and Chronic Idiopathic Constipation (CIC).
FinSMEs
09/12/2019