Daily News: October 18, 2017

SVB Provides $6MM Term Loan to Allurion Technologies

Allurion Technologies, maker of the Elipse Balloon, closed a $6 million term loan with Silicon Valley Bank to support new creative initiatives.

“We are very pleased to have put in place this term loan with SVB,” said Jonathan Wecker, Allurion’s CEO. “SVB has been a great partner to us in the U.S. 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 had no debt on its balance sheet.

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 10 countries in Europe and the Middle East. It is not yet approved by the FDA and is not currently available in the U.S.