(Alliance News) - PureTech Health PLC on Monday said its affiliate Gelesis has secured USD84.6 million in new capital.
This latest round of equity funding totalling USD63.4 million, and was led by private equity firm Vitruvian Partners and included other investors.
In addition, Gelesis was awarded a grant of USD12.9 million from the European Regional Development Fund and has entered into a long-term, low interest USD8.3 million loan agreement.
Gelesis is a biotechnology company, which develops a novel hydrogel platform technology to treat obesity and other chronic diseases.
The clinical stage biotechnology company said Gelesis has obtained nearly USD100 million in total this year to support the US launch of Plenity, which is expected in the second half of 2020.
Plenity helps to manage weight in overweight and obese adults.
"We are pleased that Gelesis continues to attract impressive investor interest as they prepare for the US launch of Plenity," said Eric Elenko, chief innovation officer at PureTech.
PureTech Health shares were trading 2.4% higher in London on Monday midday at 260.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
PureTech (PRTC)