# PureTech Health plc Affiliate Gelesis Secures Over $84 Million in New Capital

- Link: https://www.directorstalkinterviews.com/puretech-health-plc-affiliate-gelesis-secures-over-84-million-in-new-capital/412800252
- Published: 2019-12-09T07:34:01+00:00
- Author: Giles Arbor

**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.

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