Gelesis

Last updated
Gelesis
Company typePrivate
NYSE:  GLS
Industry Healthcare, Biotechnology
Founded2006
Headquarters
Boston, Massachusetts, USA
Key people
John LaMattina, PhD – Chairman, Yishai Zohar - CEO and Founder, David Pass, PharmD – Chief Operating Officer
Website www.gelesis.com

Gelesis is a biotechnology company located in Boston, Massachusetts that developed the weight loss device Gelesis100 (Plenity) for use in overweight and obesity. The company produces Gelesis100, which is a superabsorbent hydrogel capsule that expands in the stomach, creating a feeling of fullness, helping people reduce the amount of food they eat. [1] [2] The company was founded in 2006 to develop medical devices and treatments for obesity. [3]

Contents

Gelesis Holdings, Inc. together with its two affiliates, filed for voluntary Chapter 7 liquidation in the United States Bankruptcy Court for the District of Delaware on October 30, 2023. The debtor listed its assets among the 50 and the $100 million and liabilities of $44.34 million. The Debtor is represented by Kenneth Listwak of Troutman Pepper Hamilton Sanders LLP as counsel.

History

Gelesis was founded by PureTech Ventures, a life sciences venture firm based in Boston, [3] [1] and ExoTech Bio, an Israel-based research and development company. [4] The company operates as an affiliate of PureTech Health. [5] [6] Former PureTech Ventures partner Yishai Zohar co-founded the company and served as CEO. [4]

The company's technology was co-invented by Alessandro Sannino, a professor of engineering at the University of Salento, who had been researching the idea prior to the launch of Gelesis. [1]

In January 2008, the company raised $16 million in its first financing round, led by OrbiMed Advisors and Queensland BioCapital Funds. [4]

In 2010, the company passed the first human trials of its treatment. [1] [7] The company’s product was originally called Attiva, but was later renamed Gelesis100. [8]

In 2014, Gelesis raised $12 million in its fifth funding round, bringing its total funding to $42 million. [9] [10]

In March 2015, the company closed a $22 million funding round. [11] In April 2015, the company announced an initial public offering (IPO) for $60 million, [12] but pulled out later that year. [13] [14] In December 2015, Gelesis raised $31.5 million shortly after cancelling its IPO. [15] [14]

In 2018, Gelesis raised $30 million in preparation for regulatory submissions in the U.S. and Europe and initial marketing of Gelesis100. [16] [17]

In January 2022, the company completed a business combination with Capstar Special Purpose Acquisition Corp. and commenced trading on the New York Stock Exchange under the ticker symbol “GLS." [18]

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Gelesis100, sold under the brand name Plenity, is an oral hydrogel used to treat overweight and obesity. It absorbs water and expands in the stomach and small bowel thereby increasing feelings of fullness. Possible side effects include primarily gastrointestinal symptoms, such as diarrhea, abdominal distention, infrequent bowel movements, constipation, abdominal pain, and flatulence. It is contraindicated in pregnancy, chronic malabsorption syndromes, and cholestasis. The US Food and Drug Administration approved it in 2019 as a medical device. Gelesis100 was developed by the company Gelesis.

References

  1. 1 2 3 4 Timmerman, Luke (April 22, 2010). "Obesity Capsule From Gelesis, Made to Swell Up in the Stomach, Passes First Human Trial". Xconomy.
  2. ↑ "Early Results Arrive on Weight-Loss Pills That Expand in the Stomach" . Retrieved 2018-09-28.
  3. 1 2 "Gelesis raises $12 million for pill that staves off hunger". BetaBoston.com. May 16, 2014.
  4. 1 2 3 "Xconomy: Obesity Startup Gelesis Gobbles Up $16M in Financing". Xconomy. 2008-01-03. Retrieved 2018-09-28.
  5. ↑ Letter, The Pharma. "Gelesis raises $30 million to fund novel weight loss therapy". www.thepharmaletter.com. Retrieved 2018-09-28.
  6. ↑ Reuters Editorial. "PureTech's Gelesis says obesity drug achieved weight loss in study". U.S. Retrieved 2018-09-28.{{cite news}}: |author= has generic name (help)
  7. ↑ "Anti-Obesity Pill Swells in Your Stomach, Making You Full Before You Even Start Eating". Popular Science. Retrieved 2018-09-28.
  8. ↑ "Hydrogel 'smart pill' shows promise as weight loss aid". Medical News Today. Retrieved 2018-09-28.
  9. ↑ "The Daily Startup: Medtronic Spinout Raises $40M to Treat Sleep Apnea". WSJ.com. May 16, 2014.
  10. ↑ "Xconomy: Gelesis Resurfaces With $12M, Preps First Weight Loss Data". Xconomy. 2014-05-16. Retrieved 2018-09-27.
  11. ↑ "Boston weight-loss biotech Gelesis raises $22M". www.bizjournals.com. Retrieved 2018-09-28.
  12. ↑ "Term Sheet -- Thursday, April 2". Fortune. Retrieved 2018-09-28.
  13. ↑ "Company with obesity treatment raises $31.5M on heels of withdrawn IPO". www.bizjournals.com. Retrieved 2018-09-28.
  14. 1 2 "Gelesis drops IPO, raises $31.5M for pivotal U.S. trial of hydrogel weight-loss capsule | FierceBiotech". www.fiercebiotech.com. Retrieved 2018-09-28.
  15. ↑ "Xconomy: Months After Postponed IPO, Gelesis Nabs $31.5M And a New Investor". Xconomy. 2015-12-18. Retrieved 2018-09-28.
  16. ↑ Herper, Matthew. "In Two Months, Biotech Startups Raised More Money Than In All Of 2013". Forbes. Retrieved 2018-03-05.
  17. ↑ "Gelesis raises $30M to gear up for weight loss launch | FierceBiotech". www.fiercebiotech.com. Retrieved 2018-03-05.
  18. ↑ "Gelesis®, the Maker of Plenity® for Weight Management, Will Debut as a Publicly Traded Company Following the Closing of Its Business Combination with Capstar". ir.gelesis.com. Retrieved 2022-01-18.
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