Gelesis
| Company type | Private |
|---|---|
| Industry | Biotechnology, Medical devices |
| Founded | 2006 |
| Founder | Yishai Zohar |
| Defunct | October 2023 |
| Fate | Filed for Chapter 7 bankruptcy in October 2023 |
| Headquarters | Boston , United States |
Key people | Yishai Zohar (CEO) |
| Products | Gelesis100 (Plenity) |
| Owner | PureTech Health (affiliate) |
| Parent | PureTech Health |
| Website | www |
Gelesis is a private biotechnology firm based in Boston, Massachusetts, specializing in the creation of medical devices and therapies targeting obesity. Established in 2006, the company developed the weight management product Gelesis100 (marketed as Plenity), a hydrogel capsule engineered to absorb fluids and expand within the stomach, thereby inducing a sensation of fullness to assist individuals with overweight or obesity in controlling their weight.
In October 2023, Gelesis Holdings, Inc. along with its subsidiaries initiated voluntary Chapter 7 bankruptcy proceedings, reporting assets valued between $50 million and $100 million and liabilities totaling approximately $44.34 million. Legal representation for the company is provided by Kenneth Listwak from Troutman Pepper Hamilton Sanders LLP.
History
Gelesis was established through a collaboration between PureTech Ventures, a life sciences venture capital firm headquartered in Boston, and Israel-based ExoTech Bio. Functioning as an affiliate of PureTech Health, it was co-founded by Yishai Zohar, previously a partner at PureTech Ventures and currently serving as CEO. The core technology was jointly developed by Alessandro Sannino, an engineering professor at the University of Salento.
The company secured $16 million in its initial funding round in January 2008, led by OrbiMed Advisors and Queensland BioCapital Funds. By 2010, Gelesis successfully conducted human clinical trials for its product. Originally named Attiva, the treatment was subsequently rebranded as Gelesis100.
Between 2014 and 2015, Gelesis raised over $65 million through several financing rounds, including $12 million in 2014 and an additional $22 million early in 2015. Although the company announced plans for a $60 million initial public offering in April 2015, it later withdrew the IPO but managed to secure $31.5 million by December of the same year.
In 2018, an additional $30 million was raised to facilitate regulatory approval processes in both the United States and Europe and to prepare for the commercial rollout of Gelesis100.
The company went public in January 2022 following a merger with Capstar Special Purpose Acquisition Corp., commencing trading on the New York Stock Exchange under the symbol "GLS."