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
SOURCE Aspire Bariatrics, Inc.