Wednesday, January 14, 2015
Obalon Therapeutics Pumps Up With $20M
San Diego-based Obalon Therapeutics, a developer of a medical device to help with weight loss, said today that it has raised $20M in a Series D financing. The funding came from Axon Ventures, Bader Sultan & Bros. Co. W.L.L., Mirae Asset Venture Investment, NeoPlux Co., Ltd. and Striker Asia Opportunities Fund, along with Domain Associates, InterWest Partners and Okapi Venture Capital. The company said the new funding will go towards U.S. clinical trials. Obalon said it has now raised $65M in total funding. Obalon develops a weight loss medical device which is an alternative to bariatric surgery, which involves swallowing inflatable balloons which give patients a sense of fullness, facilitating weight loss--but which can easily be removed via an endoscopic procedure.