Oxford Medical Products (OMP) has raised €1.3 million to develop a safe and affordable weight loss capsule, which uses the same mechanism of action as a gastric balloon, but can be taken at home. The funding will be used to complete pre-clinical testing, upscale and outsource manufacturing and develop the company’s workforce.
The company’s non-surgical weight loss technology Sirona, is a self-expanding hydrogel capsule that once swallowed expands in the stomach, reducing hunger and, the company claims, leading to significant weight loss. The capsules stay in the stomach for several weeks before breaking down gradually and passing naturally over time.
Oxford Medical Products was founded in 2017 by Professor Jan Czenurska a world-renowned expert in hydrogels, and Dr Hutan Ashrafian a pioneering bariatric surgeon - with Dr Camilla Easter and Dr Nick Edwards, two medically trained entrepreneurs, joining Oxford Medical Products soon after.
“Weight gain is preventable but no universally safe and effective non-surgical weight-loss solution has been found. All successful solutions involve surgery which is costly and invasive,” said Dr Camilla Easter, CEO of Oxford Medical Products. “Treatments that are low cost and widely available, historically have poor results, with little or no lasting weight loss for the average person. Oxford Medical Products is here to change this and to hand millions the power to achieve a healthy weight.”
The funding was led by Ada Ventures with Selvedge Venture alongside several angel investors including Dr Nick Edwards, a founder of the company, and Dr Jan Hruska, co-founder of Sophos. As part of the company’s growth, it is expanding its team and is currently hiring a polymer specialists to help further develop Sirona and OMP’s platform technology.
The company is currently conducting pre-clinical testing, with the first human studies scheduled for 2022 and the company expects to commercialise Sirona by 2024.
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