Gelesis Secures Over $84 Million in New Capital to Support Commercialization of PLENITY™
09 Diciembre 2019 - 1:00AM
Business Wire
Vitruvian Partners leads a $63.4 million equity
round, complemented by $21.2 million in new, non-dilutive grant
funding and loans to further support commercialization efforts
Gelesis, a biotechnology company developing a novel hydrogel
platform technology to treat obesity and other chronic diseases
related to the gastrointestinal (GI) tract, today announced it
secured $84.6 million in new capital. In total, Gelesis has
obtained nearly $100 million this year to support the U.S. launch
of PlenityTM.
This latest round of equity funding totaling $63.4 million was
led by private equity firm Vitruvian Partners and included other
investors. The proceeds from the financing will be used primarily
to support the U.S. launch of Plenity in the second half of
2020.
“We are delighted to begin this partnership with Vitruvian,
whose mission of driving rapid growth and change across industries
is very much aligned with our approach to launching this
first-of-its-kind product that could potentially make a difference
in the lives of people struggling with excess weight,” said Yishai
Zohar, founder and chief executive officer of Gelesis. “With this
new capital, we are well-positioned to enhance our strategic launch
initiatives and leverage our early commercial experience as we
prepare for large scale commercial availability of Plenity in the
U.S.”
Based upon the Gelesis’ proprietary manufacturing facility
location, the company was also awarded a grant of $12.9 (€11.7)
million from the European Regional Development Fund (ERDF),
regulated by the Puglia Region of Italy. This builds on the $10.6
(€9.4) million grant announced in April 2019 and brings the total
non-dilutive funds secured this year to $23.5 million. The company
also further enhanced its financial flexibility by entering into a
long-term, low interest $8.3 million loan agreement.
About PLENITY™ PLENITY is an oral, non-systemic,
superabsorbent hydrogel which has received FDA clearance as an aid
in weight management in overweight and obese adults with a BMI of
25–40 kg/m2, when used in conjunction with diet and exercise. It is
made by cross-linking two naturally derived building
blocks—modified cellulose and citric acid—that create a
three-dimensional matrix. PLENITY particles rapidly absorb water in
the stomach and homogenously mix with ingested foods. Rather than
forming one large mass, it creates thousands of small individual
gel pieces with the elasticity (firmness) of solid plant-based
foods (e.g., vegetables) without caloric value. The PLENITY
hydrogel increases the volume and elasticity of the stomach and
small intestine contents and induces a feeling of fullness and
satiety. Once it arrives in the large intestine, the hydrogel is
partially broken down by enzymes and loses its three-dimensional
structure along with most of its absorption capacity. The released
water is reabsorbed in the large intestine, and the remaining
cellulosic material is eliminated through the body’s natural
digestive processes. PLENITY is considered a medical device because
it achieves its primary intended purpose through mechanical modes
of action consistent with mechanobiology constructs. For more
information, visit myplenity.com.
Important Safety Information
- PLENITY is contraindicated in patients who are pregnant or are
allergic to cellulose, citric acid, sodium stearyl fumarate,
gelatin or titanium oxide.
- PLENITY may alter the absorption of medications. Read Sections
6 and 8.3 of the Instructions for Use carefully.
- Avoid use in patients with the following conditions: esophageal
anatomic anomalies, including webs, diverticuli, and rings;
suspected strictures (such as patients with Crohn’s disease); or
complications from prior gastrointestinal (GI) surgery that could
affect GI transit and motility.
- Use with caution in patients with active GI conditions such as
gastro-esophageal reflux disease (GERD), ulcers or heartburn.
- Overall, the most common treatment related adverse events
(TRAEs) were GI-related with 38% of adults in the PLENITY group and
28% of adults in the placebo group.
- The overall incidence of adverse events (AEs) in the PLENITY
group was no different from the placebo group.
Rx Only. For the safe and proper use of PLENITY, refer to the
Instructions for Use.
About Vitruvian Partners Vitruvian is an international
private equity firm headquartered in London with offices across
London, Stockholm, Munich, Luxembourg, San Francisco and Shanghai.
Vitruvian focuses on dynamic situations characterized by rapid
growth and change across industries spanning information
technology, financial services, life sciences & healthcare,
media, and business and consumer services. Vitruvian is currently
investing from its third fund, the €2.4 billion Vitruvian
Investment Partnership III, which is among the largest pools of
capital in Europe supporting innovative and higher growth
companies. Vitruvian Funds have backed over 45 companies and have
assets under management of approximately $5.5 billion. Notable
investments to date include global market leaders in their field
such as Just Eat, FarFetch, Darktrace, Trustpilot, Snow Software,
TransferWise, Skyscanner and others. The Firm’s previous
investments in life science innovators include companies such as
doctari, CRF Health, ADA Health, Dental Monitoring. More
information can be found at: www.vitruvianpartners.com
About Gelesis Gelesis is developing a novel hydrogel
platform technology to treat overweight and obesity and chronic
diseases related to the GI pathway. Gelesis’ proprietary approach
is designed to act mechanically in the GI pathway to potentially
alter the course of certain chronic diseases. In April 2019,
Gelesis 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, Gelesis 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).
The Gelesis executive and advisory team includes some of the
world’s leading experts in obesity, materials science, chronic
disease research, and commercialization. Gelesis was co-founded by
PureTech Health (LSE: PRTC), a clinical-stage biotechnology company
dedicated to discovering, developing and commercializing highly
differentiated medicines for devastating diseases. For more
information, visit gelesis.com or connect with us on Twitter
@GelesisInc.
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version on businesswire.com: https://www.businesswire.com/news/home/20191208005018/en/
Investors Allison Mead Talbot +1 617 651 3156
amt@puretechhealth.com
U.S. media Tom Donovan +1 857 559 3397
tom@tenbridgecommunications.com
Puretech Health (LSE:PRTC)
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