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Obalon Therapeutics signs agreements with PE firms to raise up to $30M

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Obalon Therapeutics signs agreements with PE firms to raise up to $30M

Obalon Therapeutics Inc. signed two separate financing agreements with private equity firms to raise up to $30 million.

The Carlsbad, Calif.-based medical device maker inked an agreement with Chicago-based Lincoln Park Capital LLC under which the private equity firm will buy up to $20 million worth of shares over three years.

In addition, Obalon entered an at-the-market equity offering sales agreement with Boston's Canaccord Genuity LLC, a unit of Canada-based Canaccord Genuity Group Inc., under which the company will sell, from time to time, shares worth up to $10 million.

Obalon develops and commercializes medical devices, including a swallowable, gas-filled balloon system, to treat obesity.