PureTech Health plc (LON: PRTC), a clinical stage biotechnology company dedicated to discovering, developing and commercialising highly differentiated medicines for devastating diseases, has today noted that its affiliate Gelesis today announced it has secured $84.6 million in new capital. In total, Gelesis has obtained nearly $100 million this year to support the US launch of PlenityTM.
“We are pleased that Gelesis continues to attract impressive investor interest as they prepare for the US launch of Plenity,”
said Eric Elenko, PhD, chief innovation officer at PureTech Health.
The full text of the announcement from Gelesis is as follows:
Gelesis Secures Over $84 Million in New Capital to Support Commercialisation of PLENITY™
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 commercialisation 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 US launch of PlenityTM.
This latest round of equity funding totalling $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 US 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 US.”
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.