Apollo Endosurgery closes $24m round

Apollo Endosurgery said today it closed a $23.7 million round of financing.

In the offering, the Austin, Texas-based company offered approximately 4.3 million shares of common stock at $5.50 per share, including 562,055 shares sold under an underwriter’s option to purchase additional shares.

All shares offered in the round were sold by Apollo, the company said, with Craig-Hallum Capital Group acting as sole managing underwriter for the offering, according to a press release.

In March, the FDA approved Apollo’s move to terminate a post-approval study of its Lap-Band weight loss device, based on availability of long-term safety and effectiveness data on the device.

The trial was part of a bid for expanded indications, for which the FDA required the Austin, Texas-based company to conduct a prospective, multicenter, open-label, post-approval study to evaluate safety and effectiveness of the device in patients with body mass indices between 30 and 39.9.

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