NATICK, Mass.--(BUSINESS WIRE)--Allurion Technologies, maker of the Elipse® Balloon – the world’s first and only procedureless™ gastric balloon for weight loss – announces the appointment of Michael Davin, Gail Zauder, Todd Zavodnick and Krishna Gupta to its Board of Directors.
“Our new board members have an extraordinary track record of successfully scaling medical device businesses and designing powerful consumer experiences,” said Samuel Levy, Allurion’s President and Co-Founder. “Just as importantly, they share our passion and determination to drive global adoption of our transformative weight loss technology.”
As Cynosure’s Chairman, President and Chief Executive Officer from 2003 to 2017, Michael Davin oversaw sales growth from $20 million to $430 million including significant international expansion, led the company’s initial public offering and listing on the NASDAQ and executed key acquisitions. Under his leadership, Cynosure achieved compound annual revenue growth of more than 20 percent and became one of the largest and most profitable companies in the aesthetic industry. Cynosure was sold to Hologic for $1.65 billion in March 2017.
Gail Zauder is the Managing Partner of Elixir Advisors, a financial and strategic advisory firm she founded in 2002. She is recognized as one of the foremost advisors to creative entrepreneurs and companies in the luxury goods, beauty, and retail and apparel sectors. Prior to founding Elixir, Ms. Zauder was a Managing Director at Credit Suisse First Boston where she was global head of the Luxury Goods Investment Banking Group. During her years in Investment Banking, Ms. Zauder has been involved in more than 100 merger and acquisition and financing transactions representing over $35 billion in value.
Todd Zavodnick is the Chief Commercial Officer and President, Aesthetics & Therapeutics for Revance Therapeutics (NASDAQ:RVNC). Mr. Zavodnick was President of International at Zeltiq Aesthetics prior to the company’s acquisition by Allergan plc in April 2017 for $2.5 billion. Earlier in his career, Mr. Zavodnick served in leadership roles at Galderma Laboratories, most recently as President and General Manager, North America, generating $1.2 billion in division sales. Prior to this, Mr. Zavodnick served as President of Alcon China and Mongolia.
Krishna K. Gupta is the Founder and Managing Partner of Romulus Capital, a venture capital firm that focuses on building, not betting on, science- and technology-enabled companies. Mr. Gupta has been involved with Allurion since 2010, and Romulus led this year’s $27M Series C funding. Under Mr. Gupta’s leadership, Romulus has built a powerful portfolio of innovative companies and a global investor base from more than 20 countries. Mr. Gupta has extensive experience helping high-growth companies scale to become category leaders.
"As the world's first and only procedureless balloon, the Elipse Device has the potential to make a significant impact on obesity—one of the greatest unmet medical needs in the world," said Todd Zavodnick. "I am excited to partner with the Allurion team to continue building this vision into a reality."
In addition, Allurion Technologies announces that it has entered into a $6 million term loan financing agreement with Silicon Valley Bank. This non-dilutive financing will support key value creation initiatives in 2018 and 2019.
“We are very pleased to have put in place this term loan with SVB,” said Jonathan Wecker, Allurion’s Chief Executive Officer. “SVB has been a great partner to us in the US as well as in our commercial expansion into Europe and this facility is a natural next step in our growing relationship.” Prior to the drawdown of the term loan, Allurion has no debt on its balance sheet.
About the Elipse Balloon
The Elipse Balloon is a procedureless weight loss device that is swallowed and removed without surgery, endoscopy, or anesthesia. The Elipse Balloon received its European Union CE mark in 2015 and is currently available in ten countries in Europe and the Middle East. It is not yet approved by the FDA and is not currently available in the United States.
The Elipse Balloon is made of a thin, flexible polymer film. The device is swallowed in a capsule and filled with liquid through a thin delivery catheter, which is then detached. The balloon remains in the stomach for approximately four months, after which it opens, allowing it to empty and pass naturally from the body without the need for a removal procedure. A clinical study of the Elipse Balloon in individuals with a Body Mass Index (BMI) between 27 and 40 showed an average weight loss of 15 kilograms (33 pounds), with participants losing 50 percent of their excess weight and 15 centimeters (6 inches) from their waist circumference. Participants also saw improvements in their triglycerides, hemoglobin A1c (HbA1c) and quality of life.1 Learn more and see an animation of the Elipse Balloon in action here.
About Allurion Technologies
Allurion Technologies is dedicated to helping people achieve their full potential with innovative, scalable products. The company's flagship product, the Elipse Balloon, is a swallowable, procedureless weight loss device that resides in the stomach, inducing satiety and promoting weight loss. Learn more about the Elipse Balloon and Allurion online at www.allurion.com, on Facebook at www.fb.com/allurion or on Twitter @alluriontech.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
References:
1. Raftopoulos and Giannakou. The Elipse Balloon, a
swallowable gastric balloon for weight loss not requiring sedation,
anesthesia or endoscopy: a pilot study with 12-month outcomes. Surg
Obes Relat Dis. 2017;13:1174-1182.
