BariaTek Medical Receives € 1.5M DeepTech Non-dilutive Financing From Bpifrance BariTon™ Device to Enter Clinical Trials to Treat Obesity and Diabetes in the Near Future
Obesity and diabetes are high medical need pandemics
PARIS–(BUSINESS WIRE)–BariaTek Medical, a privately held medical device company dedicated to the development of minimally invasive endoscopically delivered solutions to treat obesity and diabetes, founded by Truffle Capital, announced it has secured a non-dilutive DeepTech financing of € 1.5 million from Bpifrance, under the “France 2030” plan, to accelerate the company’s development towards its imminent human feasibility clinical trials.
Obesity and diabetes are debilitating conditions affecting more than 1 billion patients worldwide; they are the most costly chronic conditions to healthcare systems surpassing cardiovascular diseases and cancer and their prevalence is increasing. Obesity and diabetes are pandemics increasingly affecting patients in every corner of the globe.
Bariatric surgery remains the only sustainable solution to treat obesity and the resulting diabetes, but surgery is invasive, is associated with complexity, complications, and high costs. The new GLP-1 receptor agonists drugs can be effective but very costly, need to be taken long-term, leading to high burden on payors and patient non-compliance.
BariaTek Medical’s first product, the BariTon™, is a soft, atraumatic, reversible implant that is delivered via an endoscope through the mouth in a few minutes in an outpatient setting. The BariTon™ is expected to be the first implant of its kind to mimic the efficacy of bypass surgery and surpass it in terms of safety, ease of use, reversibility, and economics.
Youssef Biadillah, CEO of BariaTek Medical said: “This € 1.5 million non-dilutive financing provided by Bpifrance is a testament to the potential of BariaTek and its lead product candidate BariTon™ to address two galloping pandemics, obesity and diabetes, which affect more than 18% of the French adult population, 42% of the US population and a billion patients worldwide. We look forward to bringing the BariTon™ into clinical trials in the very near term.”
Antoine Pau, Chairman of BariaTek Medical said: “Thanks to its experienced team, BariaTek has managed to develop in a short period of time a highly differentiated solution that could radically change the treatment of obesity and diabetes. BariaTek is now initiating a private fundraising to finance the next steps and make BariTon™ available to patients as soon as possible.”
About BariaTek Medical
BariaTek Medical, based in Paris France, is a privately held medical device company dedicated to the development of minimally invasive endoscopically delivered solutions to treat obesity and diabetes. BariaTek Medical was founded by Truffle Capital, a premier life science VC fund based in Paris France and founder or co-founder of various life science companies such as Abivax (Euronext : ABVX), Carmat (Euronext: ALCAR), Carbios (Euronext ALCRB), Vexim (acquired by Stryker), Symetis (acquired by Boston Scientific) and Affluent Medical (Euronext : AFME).
About Truffle Capital
Truffle Capital is an independent European Venture Capital firm specializing in disruptive technologies in the Life Sciences (Biotech, Medtech, BioEcotech) and IT sectors (Fintech and Insurtech). Truffle Capital’s mission is to support the creation and development of innovative companies capable of becoming the leaders of tomorrow. Chaired by Patrick Kron and managed by Dr. Philippe Pouletty and Bernard-Louis Roques, Co-founders and Managing Directors, Truffle Capital manages €600 million in assets. It has raised more than €1.1 billion since its creation and has supported more than 75 companies in the life sciences and digital technology sectors.
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