Gelesis discloses recent $12m funding

GELESIS100 is a smart pill that is designed to treat the physiological symptoms of hunger without surgery, invasive procedures or systemic absorption. To date, Gelesis100 has generated compelling safety and efficacy data through a series of rigorous clinical, preclinical and in vitro studies.

Gelesis has also expanded its leadership team with the hiring of Dr Rob Armstrong, former vice president, global external R&D at Eli Lilly, as chief business officer.

Dr Armstrong spearheaded a number of innovative initiatives at Lilly including the development of an integrated global network of R&D partnerships and the creation of external funding mechanisms to develop innovative drugs in the Chorus translational medicine engine.

Investors included the Pritzker/Vlock Family Office as well as founder PureTech and a group of prominent senior leaders from the pharmaceutical, biotech and finance sectors.

Gelesis chairman Dr John Lamattina said that the company is very excited both by Gelesis100’s development to date and by its path forward to commercialization, as supported by this funding.

"At a time when tremendous unmet needs exist in the treatment of obesity and diabetes, we see this as a critical opportunity to advance a safe and effective treatment with potential to dramatically improve outcomes," Dr Lamattina added.