Aspire Bariatrics Raises $16.2M to Fund 10-Minute Weight Loss Procedure

Aspire Bariatrics, a King of Prussia, Penn., medical device company developing a 10-minute tube insertion procedure to treat obesity, raised $16.2 million in a private stock sale, according to a Philadelphia Business Journal report.

The 10-minute procedure involves inserting a gastrostomy tube down the throat, into and then back out of the stomach. About 20 minute after each meal, the patient empties the tube through a drain line that connects to the tube. The process removes 40 percent to 60 percent of the consumed calories and takes five minutes.

The company is led by CEO Katherine D. Crothall, former CEO of the insulin pump company Animas, which was sold five years ago to Johnson & Johnson for $518 million. Ms. Crothall helped raised almost $11 million in funding earlier this year.

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