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NATICK, Mass. - Allurion Technologies, Inc. (NYSE:ALUR), a medical technology company focused on obesity treatment with a market capitalization of $19.3 million and impressive gross profit margins of 73%, has entered into agreements for a registered direct offering and a concurrent private placement that are expected to raise approximately $6.1 million. The transactions involve the sale of 900,000 common shares at $5.23 each and the issuance of warrants to purchase up to 1,800,000 shares, alongside a separate agreement with Leavitt Equity Partners for 267,686 shares and additional warrants.
Roth Capital Partners (WA:CPAP) is serving as the exclusive placement agent for the offerings, which are contingent on customary closing conditions and expected to conclude on or around February 20, 2025. The proceeds are earmarked for clinical pipeline funding, working capital, and general corporate purposes.
The offering leverages a shelf registration statement previously declared effective by the SEC on December 20, 2024. The warrants and securities in the private placements have not been registered under the Securities Act of 1933 and are subject to specific conditions for sale in the United States.
This announcement is based on a press release statement and is not an offer to sell or a solicitation for the purchase of Allurion Technologies securities.
In other recent news, Allurion Technologies announced promising results from its AUDACITY FDA pivotal trial, which evaluated the safety and efficacy of the Allurion Balloon, a non-surgical weight loss device. The trial, involving 550 subjects, showed that over half of the participants treated with the Allurion Balloon achieved significant weight loss at 48 weeks. Despite not meeting the comparative co-primary endpoint of a 3% superiority margin in weight loss over the control group, the trial noted a 3.77% mean difference. Additionally, the trial reported a low rate of serious adverse events at 3.1%, marking it as the lowest in a pivotal FDA trial for a liquid-filled intragastric balloon.
Allurion Technologies also announced plans to conduct a clinical study on the combined use of the Allurion Balloon and GLP-1 agonists, aiming to improve long-term adherence and tolerability to GLP-1 therapy. The company has secured a new U.S. patent for advancements in its Balloon technology, which is expected to protect the technology through July 2039. This brings Allurion’s U.S. patent count to 20, complementing its global tally of 59 patents. Furthermore, the company revealed that prior studies have shown patients treated with the Allurion Balloon and Allurion Virtual Care Suite not only lost weight but also maintained or gained lean body mass.
Dr. Shantanu Gaur, Allurion’s CEO, expressed confidence in the company’s growing patent collection and its role in supporting R&D efforts. The company’s approach to preserving muscle mass while promoting weight loss presents a potentially transformative solution in the field of weight management. These developments underscore Allurion’s commitment to enhancing obesity treatment options and securing its position in the market.
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