Monday, December 21, 2015 5:18:00 AM PDT | VentureDeal
Boston, Massachusetts -- Biotechnology company Gelesis has landed $31.5 million in new private equity investment, according to a company statement.
Gelesis is developing what it calls "a novel category of therapies to safely induce weight loss and improve glycemic control in overweight and obese patients." Cormorant Asset Management made the investment. The company said it will use the proceeds to enable completion of a six-month pivotal trial of its Gelesis100 treatment candidate. Funds will also be used to complete first in human studies of its glycemic control product, Gelesis200. The company was founded in May 2006 by CEO Yishai Zohar.
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