Israeli weight loss capsule developer Epitomee Medical has announced the closing of an $8 million financing round led by XT Hi-Tech and with the participation of GCB and Dr. Shimon Eckhouse.
The Caesarea-based company develops treatments for the overweight and obese, including treatment of glycemic control, weight reduction, and hypertension based on its unique swallowable-device gastric retention platform. The Epitomee Capsule is an orally taken capsule that contains a shape-shifting scaffold and works on the stomach itself by direct mechano-sensory stimulation. Taken twice a day, the Epitomee Capsule helps the body to have an early sensation of fullness and prolonged gastric emptying, which results in lower daily caloric intake and subsequent weight loss.
The initial clinical study on the Epitomee Capsule, which is equivalent to a Phase IIA drug clinical trial met its goals and demonstrated weight loss and improvement in glycemic control, ameliorating blood pressure levels with no safety concerns within 12 weeks of treatment. The Phase IIB study is designed to show the power of the technology in overweight, obese and pre-diabetic patients over a 24 week trial period.
Epitomee CEO Dr. Dan Hashinshony said, "The Epitomee Capsule has the potential to be the first-line, drug-free treatment for overweight, prediabetic, and moderately obese people. We are excited that it is well received, and that patients and physicians see excellent and consistent results in our clinical work. With the current financing, we can advance the clinical program and bring the company's solutions closer to the millions of patients in need."
XT Hi-Tech's Idan Ofer said, "Epitomee represents the great combination of unique technology with important clinical impact and excellent safety profile, together with an experienced and successful management team and a huge addressable market. This aligns well with our investment strategy." "The Epitomee solution is a novel practical approach in the fight against the global obesity epidemic. The combination of a simple, self-administered capsule and a high degree of safety and effectiveness makes it an optimal solution to this epidemic" says Dr. Shimon Eckhouse, Epitomee co-founder and chairman. "The new partnership and this financing provide Epitomee with the resources to complete its next phase clinical trial and reach a significant value inflection point."
Published by Globes, Israel business news - en.globes.co.il - on April 10, 2019
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