Epitomee Closed $8 Million Equity Financing

The round is led by XT Hi-Tech, an Israeli-based VC. Round will enable the company to run its next phase clinical trial equivalent to a Phase 2B drug clinical trial

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Epitomee Medical

Apr 09, 2019, 09:00 ET

CAESAREA, Israel, April 9, 2019 /PRNewswire/ -- Epitomee Medical, a bio-medical company developing treatments for the overweight and obese population, including treatment of glycemic control, weight reduction, and hypertension based on its unique swallowable-device gastric retention platform, announced the closing of an $8 million equity financing led by XT Hi-Tech. Other investors in the round included GCB and Dr. Shimon Eckhouse.

The Epitomee Capsule is an orally taken capsule that contains a shape-shifting scaffold. It works on the stomach itself by direct mechanosensory 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 2A 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 2B study is designed to show the power of the technology in overweight, obese and prediabetic patients over a 24 week trial period.

"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," says Mr. Idan Ofer. "This aligns well with our investment strategy."

"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" says CEO Dr. Dan Hashimshony. "With the current financing, we can advance the clinical program and bring the company's solutions closer to the millions of patients in need."

"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."

SOURCE Epitomee Medical