KING OF PRUSSIA, Pa.,
Jan. 29, 2015 /PRNewswire/ -- Aspire
Bariatrics, a medical device company developing and commercializing
a reversible minimally-invasive weight loss device for obesity,
announced today that it has closed on up to $12 million in venture debt financing with
Hercules Technology Growth Capital (NYSE: HTGC). The financing will
support the continuation of the company's PATHWAY pivotal trial in
the US and Pre-Market Application (PMA) filing, expected in
mid-2015. The financing will also support ongoing post-market
studies for the device, which is currently approved for commercial
sale in Europe.
"We are very pleased to enter into this financing agreement with
Hercules, a leading specialty finance company in the health care
sector," said Kathy Crothall, Chief
Executive Officer and President of Aspire Bariatrics. "With access
to this capital, Aspire is well-poised to file for FDA approval of
the AspireAssist® in the United
States in mid-2015, with anticipated US market entry in
early 2016."
The AspireAssist has the potential to revolutionize the
treatment of obesity with its novel approach to portion control and
focus on gradual lifestyle changes. The device is implanted in a
15-minute outpatient procedure, is fully reversible, and does not
alter the patient's internal anatomy. This device is currently
completing its multicenter, randomized, controlled pivotal trial at
ten leading hospital institutions across the USA, including Brigham and Women's Hospital,
Cornell University, the Mayo Clinic,
University of Pennsylvania, and
Washington University. This financing
will support the ongoing efforts to enable obese patients worldwide
to access this therapy.
About Aspire Bariatrics, Inc.
Aspire is a commercial-stage medical device company committed to
providing safe and effective treatments for obesity to patients
worldwide, excellent customer service and education, and continued
innovation. www.aspirebariatrics.com.
About Hercules Technology Growth Capital
Hercules Technology Growth Capital (NYSE: HTGC) is the leading
specialty finance company focused on providing loans to venture
capital-backed companies in technology-related markets, including
medical device, biotechnology, energy, and renewable
technology.
Statements in this press release that are not historical
facts are forward-looking statements and are subject to risks,
assumptions and uncertainties that could cause actual future events
or results to differ materially from such statements. Any such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Contact for Investors and Media
Kathy Crothall, Ph.D.
President and CEO
(610) 590-1568
kathy.crothall@aspirebariatrics.com
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SOURCE Aspire Bariatrics, Inc.