MetaModix Raises $1.2M
Plymouth-based MetaModix Inc. has raised $1.2 million in new equity financing. A Tuesday filing with the U.S. Securities and Exchange Commission indicated that MetaModix has a goal of raising $2 million in its current round.
“We are developing a device to treat obesity in diabetes…the funds are going to be used primarily for clinical trials,” Kedar Belhe, MetaModix founder and CEO, told TCB.
The company says that its product offers a “drug-free, nonsurgical device therapy” to treat obesity related to Type 2 Diabetes. Its EndoSleeve Gastrointestinal Bypass Liner can be inserted endoscopically. Belhe said that the company is initially looking to Asian and European markets for approval to sell its product.
“We started our clinical trials in India,” said Belhe.
The company was founded in 2009. Belhe previously worked at Little Canada-based St. Jude Medical for a decade. Belhe said that the company has raised approximately $6.5 million since its inception. The company announced landing $1.75 million in financing in June 2015, a round led by New York-based Antipodean Advisors LLC.
MetaModix has kept a low profile locally. The MetaModix website includes very little information about the company. Belhe said that the company currently has three full-time and five part-time employees.
Belhe said that angel investors primarily back the company. The company’s current round of financing is also looking to draw backing from angel investors, said Belhe.