Obalon Therapeutics prices $35m offering

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Obalon Therapeutics (NSDQ:OBLN) today priced an upcoming $35 million offering, looking to float 5.5 million shares at $5.50 per share.

The San Diego-based medical device company won pre-market approval from the FDA for its ingestible, gas-filled balloon designed for weight loss in September 2016.

The Obalon device is indicated for weight loss in adults 30 to 100 pounds overweight, with a body mass index of 30 to 40, who have failed to lose weight through diet and exercise. The device is swallowed as a capsule which inflates with gas as it reaches the stomach, partially filling the stomach to help patients feel full and eat less.

The device hit the U.S. market in early 2017.

The offering includes a 30-day underwriter’s option to purchase an additional 818,181 shares of stock at the $5.50 price, according to a press release.

Obalon Therapeutics said it expects the offering to close on or around January 23, and is subject to customary closing conditions.

Last October, Obalon priced its initial public offering at $75 million, floating 5 million shares at $15 apiece.

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