ReShape Lifesciences has signed an exclusive, royalty-bearing license agreement with Biorad Medysis (Biorad) to manufacture, commercialise and distribute the Obalon Gastric Balloon System in India, Pakistan, Bangladesh, Nepal, Bhutan, Sri Lanka, and the Maldives.
Based in Mumbai, India, Biorad is an established, science-driven medical device manufacturer that has successfully manufactured and sold innovative medical devices in the urology, gastroenterology, orthopaedic and neurovascular industries, which is now expanding into the bariatric arena.
The license agreement provides $200,000 in upfront payments from Biorad to ReShape and ongoing license payments of 4% on
gross sales of the Obalon Balloon System in the territories. The Obalon balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss.
“This exclusive agreement with Biorad represents the first step towards reintroducing our patented Obalon Balloon System technology to the global marketplace,” said Paul F Hickey, President and Chief Executive Officer of ReShape Lifesciences. “We believe that Biorad, with decades of experience manufacturing and distributing medical devices in the vast South Asia market, potentially reaching approximately 20% to 25% of the world’s population, is an ideal partner to expand the reach of ReShape’s Obalon technology. Our non-surgical, minimally invasive, Obalon System was the first swallowable, gas filled balloon system approved by the US Food and Drug Administration, around which we continue to build a strong intellectual property portfolio. We look forward to a fruitful partnership with Biorad, which we expect will lay the groundwork to catalyse the successful relaunch and joint commercialization of the balloon system in markets world-wide.”