Bengaluru: ReShape Medical, Inc., a California-based medical device manufacturer, raises $38 million in its series D funding round led by HealthCor Partners Management. Its existing investors, SV Life Sciences, New Leaf Venture Partners, U.S. Venture Partners and Venture Investors also contributed to the round. The company plans to shell-out the fresh funds to support the commercialization of its integrated dual balloon system in the U.S. which was recently approved by the U.S. Food and Drug Administration (FDA). Prior to this, it had raised $12 million funding from Oxford Finance Corporation and Silicon Valley Bank in April this year.
Founded in 2008, ReShape Medical is a medical device manufacturer headquartered in Southern California. The company develops non-surgical weight loss devices that can be used as an aid in the treatment of obese or overweight patients. Through its ReShape procedure, it assists the adults with a BMI of 30-40, who have not succeeded at diet & exercises and do not want to undergo bariatric surgery.
The ReShape Integrated Dual Balloon is inserted into the patient’s stomach by means of endoscopy and remains the patient’s stomach for six months; thereby filling up the space in their stomach and making them feel full. During this period, the patients are counseled by nutritionists and health care professionals on nutrition, exercise and behavior modification to make them develop a healthier lifestyle. Even after the balloons are removed, the patients continue to take part in the program by cultivating healthy habits to yield long lasting results.