Xeno Biosciences Announces New CEO and Financing

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Xeno Biosciences Inc., a clinical stage drug discovery and development company advancing therapeutics for the treatment of obesity and metabolic diseases, announced today a change in executive leadership as of September 2023, and the completion of an additional financing round in February of 2024. This financing of $1.15M will fund a Phase 1b trial of the company’s lead compound, Xen-101, in obese individuals. The trial is expected to have top line results by the end of the year.

The new president and CEO, Dennis D. Kim, MD, MBA, has 25 years of obesity and metabolic drug development expertise experience and has brought multiple obesity and metabolic disease drugs to the clinic and to market, including Byetta® (exenatide), Symlin® (pramlintide), Contrave® (bupropion/naltrexone), and seladelpar. He has been involved in numerous IPO’s/secondary offerings and has been the chief medical officer of multiple public companies, most recently at CymaBay Therapeutics, where he oversaw the design and execution of seladelpar Phase 3 Pivotal Program.

“I’m excited to be spearheading the development of Xeno’s new oral obesity drug which has been shown to have high tolerability in initial Phase I trial and has a novel mechanism of action.” said Dr. Dennis Kim. “I have dedicated my career to this area of science and medicine. After many years of development, I am truly gratified to see obesity pharmaceuticals as having the potential to impact the lives of billions of people around the world. There is a strong unmet need for a drug with the profile of Xen-101 and I look forward to our Phase 1b clinical trial results in obese adults in the near future.”

“Dennis has an extraordinary depth of knowledge and is highly respected in the obesity field; I could not imagine anyone more perfect to lead our company,” said Jeff Arnold, Chairman and a Director at Xeno since 2017. “We are delighted that he has decided to join us and lead this exciting project.”

For more information about Xeno Biosciences please contact Dr. Dennis Kim at dk23@xenobiosciences.com.

About Xeno Biosciences Inc.

Xeno Biosciences Inc. is a privately held drug development company dedicated to finding safe and effective treatments for obesity and metabolic diseases. Xeno is advancing its lead development candidate, XEN-101, to address the unmet need for an effective, well-tolerated, orally administered obesity treatment. With a new understanding of the underlying mechanism of action of Roux-en-Y Gastric Bypass Surgery (RYGB), Xeno has developed a substitute for gastric bypass in a daily oral pill. XEN-101 has been shown to have wide safety margins and high tolerability in initial clinical trials.

Dennis D. Kim, MD, MBA

Dr. Dennis Kim is a scientist and a physician executive who brings 25 years of clinical research and biopharmaceutical industry experience to Xeno Biosciences. Dr. Kim served in a variety of senior executive positions in the industry, most recently as Chief Medical Officer at CymaBay, Emerald Biosciences, and Zafgen, Inc., as well as at Orexigen Therapeutics as the Senior Vice President of Medical Affairs. He also held various senior management positions at Amylin Pharmaceuticals, Inc. for over 7 years, including Executive Director of Corporate Strategy and Program Medical Lead for the development and commercialization of Byetta® (exenatide) for the treatment of type 2 diabetes.

Dr. Kim completed his fellowship in Endocrinology/Metabolism at the University of California, San Diego (UCSD) School of Medicine during which time he investigated the pathophysiology of diabetes and metabolic syndrome. He is extensively published in top peer-reviewed medical and scientific journals with over 50 publications to his name. Dr. Kim also received an MBA degree with honors from UCSD Rady School of Management with an emphasis on biotech structure and strategy.

The securities sold in the aforementioned private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the aforementioned shares. In addition, this press release contains certain forward-looking statements regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and the company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.


Dr. Dennis Kim


Allurion Closes $48 Million Convertible Senior Secured Note Financing with RTW Investments

  • Simplifies capital structure through prepayment of existing term loan
  • Reduces annual interest expense, providing increased near-term cash flow and operational flexibility
  • Extends expected cash runway in advance of AUDACITY FDA trial read-out
  • Strengthens long-term partnership with RTW Investments.

NATICK, Mass.–(BUSINESS WIRE)–Allurion Technologies, Inc. (NYSE: ALUR) (“Allurion” or the “Company”), a company dedicated to ending obesity, today announced the closing of a $48 million convertible senior secured note financing with certain entities managed by RTW Investments, LP (“RTW”). Proceeds will be used to repay in full the Company’s obligations under its existing term loan with Fortress Credit Corp., reducing the Company’s interest expense and increasing operational flexibility.

Management anticipates this transaction will better position the business for the future. Of note, the convertible notes reduce the interest rate on the Company’s debt to 6%, lengthen the maturity over Allurion’s existing term loan by nearly four years, from June 2027 to April 2031, and allow for interest payments to be made in-kind for the first three years. The net benefit of these changes, together with the amended terms of Allurion’s existing Royalty Interest Financing Agreement with RTW, extends the Company’s expected cash runway in advance of the AUDACITY FDA trial read-out, which is anticipated by year-end.

“RTW’s investment underscores our shared belief in the long-term potential of the Allurion Program,” said Dr. Shantanu Gaur, Founder and CEO of Allurion. “Our impressive clinical results and continued growth in procedural volume in our foreign markets give us confidence that Allurion will be a significant player in obesity management. The investment furthers our long-term partnership with RTW and provides us additional flexibility to achieve our long-term goals,” Dr. Gaur continued.

“We are pleased to strengthen our relationship with Allurion as it continues its mission to end obesity around the world. The Allurion Program is a proven weight-loss method, and we eagerly await the results of its U.S. FDA trial,” said Roderick Wong, M.D., Managing Partner and Chief Investment Officer of RTW Investments, LP.

About the Notes

The notes bear interest at the rate of 6% per annum, with the Company’s option to pay interest in kind for the first three years, and mature on April 16, 2031. The notes may be converted at the option of the noteholders into common stock of Allurion, subject to certain conditions and limitations, at a 35% conversion premium to the lower of (i) the 30-day VWAP at signing and (ii) the price per share in the Company’s next equity offering. The Company has agreed to customary registration rights with respect to the shares of common stock issuable upon conversion of the notes. The notes may be redeemed by Allurion at its option under certain circumstances following the fourth anniversary of the date of issuance.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Additional information about the notes and the terms of the note purchase agreement will be filed with the U.S. Securities and Exchange Commission (the “SEC”) and will be available on the SEC’s website at www.sec.gov.

About Allurion

Allurion is dedicated to ending obesity. The Allurion Program is a weight loss platform that features the Allurion Gastric Balloon, the world’s first and only swallowable, procedure-less intragastric balloon for weight loss, and offers access to the Allurion Virtual Care Suite, including the Allurion Mobile App for consumers, Allurion Insights for health care providers featuring the Coach Iris AI Platform, and the Allurion Connected Scale. The Allurion Virtual Care Suite is also available to providers separately from the Allurion Program to help customize, monitor and manage weight loss therapy for patients regardless of their treatment plan: gastric balloon, surgical, medical or nutritional. The Allurion Gastric Balloon is an investigational device in the United States.

For more information about Allurion and the Allurion Virtual Care Suite, please visit www.allurion.com

Allurion is a trademark of Allurion Technologies, Inc. in the United States and countries around the world.

About RTW

RTW Investments, LP is a global, full life-cycle investment firm and company builder that focuses on identifying transformational and disruptive innovations across the biopharmaceutical and medical technologies sectors. As a leading partner of industry and academia, RTW combines deep scientific expertise with a solution-oriented investment approach to support emerging medical therapies and the companies and/or academics developing them.

Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of the U.S. federal and state securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions and include statements regarding the simplification of Allurion’s capital structure, availability of cash runway, operational flexibility, procedure growth, Allurion’s expectations for, and market acceptance of, the Allurion Program, and Allurion’s ability to compete with other weight loss products, improve its market position, scale its business and achieve long-term goals. Forward-looking statements are predictions, projections and other statements about future events that reflect the current beliefs and assumptions of Allurion’s management based on information currently available to them and, as a result, are subject to risks and uncertainties. Many factors could cause actual future results or developments to differ materially from the forward-looking statements in this communication, including but not limited to (i) the ability of Allurion to obtain and maintain regulatory approvals for and successfully commercialize the Allurion Program, including the Allurion Balloon and the Allurion Virtual Care Suite (“VCS”), (ii) the timing of, and results from, our clinical studies and trials, (iii) the evolution of the markets in which Allurion competes, (iv) the ability of Allurion to defend its intellectual property, (v) the impact of the COVID-19 pandemic, the Russia and Ukraine war, and the Israel-Hamas conflict on Allurion’s business, (vi) Allurion’s expectations regarding its market opportunities, including those for the VCS platform, (vii) the risk of economic downturns and a changing regulatory landscape in the highly competitive industry in which Allurion operates, and (viii) the ability of Allurion to comply with the covenants and terms and conditions of the note purchase agreement. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Allurion’s Annual Report on Form 10-K filed on March 26, 2024 and other documents filed by Allurion from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Allurion assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Allurion does not give any assurance that it will achieve its expectations.


Global Media:
Cedric Damour, PR Manager

Allurion Technologies, Inc.

+33 7 84 21 02 20


Mike Cavanaugh, Investor Relations

ICR Westwicke

+1 617 877-9641


Celon Pharma had the largest IPO on the Polish capital market in 2016

Celon Pharma

Continue reading

Biomere – preclinical CRO

Biomere – preclinical CRO

 Biomere Continue reading

Aduro Biotech – engineered Immunotherapy for Cancer

Aduro Biotech is a clinical-stage cancer immunotherapy company with multiple therapeutic approaches in development that have the potential to yield powerful immunotherapy combinations.

Aduro Biotech – engineered Immunotherapy for Cancer

Aduro Biotech

Continue reading