HONG KONG – South Korean med tech Olive Healthcare Inc. has attracted ₩8 billion (US$6.91 million) in series B funding. The Seoul-based company is focused on abdominal fat scanning and breast cancer diagnosis, using nonradiative and noninvasive near infrared (NIR) technology, artificial intelligence (AI) algorithms, and big data processing for a customized medical service.
The obesity problem is one that is affecting a growing number of people globally. With both device and drug companies looking to take on the challenge of combating the problem, Allurion Technologies Inc. has set its sights on advancing a new approach in the U.S. Now, the Natick, Mass.-based company has scored $34 million in new funding through a securities financing and a growth capital term loan. The round was led by Novalis Lifesciences and Romulus Capital, with participation from Ido Investments and ex-Covidien CEO Jose Almeida.
Most weight loss interventions target obese or super-obese patients who have adjacent comorbidities, such as type 2 diabetes or sleep apnea. But Boston-based Gelesis aims to change that with its hydrogel pill Plenity.
HONG KONG – Olive Healthcare Inc., a South Korean biotech startup, said its abdominal fat scanner Bello has received an FDA approval to sell the device in the U.S. The company said it plans to launch the scanner in the country this December, after a market test. The miniature device is portable with a weight of 3.8 oz (107 g), measuring 3.9 inches (10 centimeters) long, 3.1 inches wide and 1.9 inches high.
Anorexia nervosa, Cynthia Bulik told BioWorld, has a long-term recovery rate of 25% and “the highest fatality rate of any psychiatric illness.” Those dismal statistics hint at the challenging nature of anorexia nervosa, but also at the shortcomings of current treatment options.
HONG KONG – Belgian drugmaker Janssen Pharmaceutica NV, a subsidiary of Johnson & Johnson, has decided to return the rights of diabetic obesity treatment HM-12525A to Hanmi Pharmaceutical Co. Ltd. The South Korean company said the decision followed phase II testing by Janssen, which showed the drug achieved the weight loss endpoint but didn't reach Janssen's internal criteria for blood glucose control in obese patients with diabetes.
At a family wedding earlier this month, an uncle was salivating over the prospect that the Vivus Inc. drug Qnexa could soon become the first in a new generation of obesity drugs to gain FDA approval. He needed to lose 50 pounds, he confided, and the drug seemed the answer to his prayers. Since we’ve written extensively about obesity and these drugs in BioWorld Today, he wanted my opinion. I politely inquired whether he had considered dieting and exercise, which could produce similar results without the potential side effects of a prescribed drug – especially one in a category that’s...
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