Obalon Therapeutics announced the completion of a $20 million Series D private equity financing and a $10 million term loan from Square 1 Bank.
Proceeds of the new financing will be used primarily to fund U.S. clinical trials to support the U.S. Food and Drug Administration (FDA) approval of the Obalon balloon, a novel, nonsurgical, fully-reversible device for weight loss.
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A new syndicate of international investors, including Axon Ventures, Bader Sultan & Bros. Co. W.L.L., Mirae Asset Venture Investment, NeoPlux Co., Ltd. and Striker Asia Opportunities Fund, participated in the $20 million Series D financing along with existing investors, Domain Associates, InterWest Partners and Okapi Venture Capital.