Aspire Bariatrics of King of Prussia, a medical device company developing and commercializing a reversible minimally-invasive weight loss device for obesity, has closed on $12 million in venture debt financing with Hercules Technology Growth Capital.

Kathy Crothall, chief executive officer and president of Aspire, said the financing will help Aspire file for FDA approval of its AspireAssist in 2015. The firm anticipates putting the device on the market in early 2016.

Crothall says the AspireAssist has the potential to revolutionize the treatment of obesity with its novel approach to portion control and focus on gradual lifestyle changes. The device is implanted in a 15-minute outpatient procedure, is fully reversible, and does not alter the patient’s internal anatomy.

The device is currently completing trials at 10 leading hospital institutions across the USA.

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