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Gelesis has announced the completion of its new commercial manufacturing facility, allowing large-scale production of Plenity®. The company secured a $30 million fully paid pre-order from Ro, a U.S. telehealth company, for this weight management product. Since the beta launch in 2020, demand has exceeded supply, leading to nearly 70,000 users starting their weight management journey. With projections indicating 1,500% year-over-year revenue growth, Gelesis is well-positioned to meet rising demand while ensuring that more patients can access Plenity through Ro's platform.
Capstar Special Purpose Acquisition Corp. (NYSE: CPSR) has revised the valuation of its proposed business combination with Gelesis, Inc. The equity value has decreased from $900 million to $675 million due to current market conditions. Additionally, Capstar's sponsor will forfeit nearly 2 million founders shares, while a corresponding number of additional shares will be issued to Gelesis equity holders. The transaction is expected to generate up to $366 million in gross proceeds. The deal is anticipated to close in Q4 2021, subject to regulatory approvals and shareholder consent.
PureTech Health announces a groundbreaking paper published in Nature’s Scientific Reports detailing the development of the first superabsorbent hydrogel technology from naturally derived materials.
This innovation is aimed at addressing obesity and gut-related conditions by mimicking the properties of raw vegetables. The research shows that these hydrogels protect gut tissue from toxins in ex-vivo models. Their product, Plenity, is FDA-cleared and assists in weight management, with future product candidates poised to target various indications.
Gelesis has published a groundbreaking paper in Nature's Scientific Reports, detailing its innovative superabsorbent hydrogel technology, designed to address obesity and gut-related conditions. This technology mimics the properties of raw vegetables, providing therapeutic benefits, including protection against gut toxin damage. Gelesis' FDA-cleared product, Plenity®, is now available by prescription to assist with weight management in adults. The company is advancing a pipeline of additional therapeutic candidates targeting various gut-related ailments.
Gelesis, a biotherapeutics company, is merging with Capstar Special Purpose Acquisition Corp. (NYSE: CPSR) in a definitive business combination agreement, expecting to trade as GLS on the NYSE. The transaction values the combined entity at approximately $1.0 billion in enterprise value. Gelesis markets Plenity®, an FDA-cleared weight management aid aiming to assist over 150 million Americans with excess weight. The deal will provide up to $376 million to support the full launch of Plenity and expanded manufacturing. The merger is anticipated to close in Q4 2021, pending shareholder and regulatory approvals.
Capstar Special Purpose Acquisition Corp. (NYSE:CPSR.U) announced it is not in compliance with NYSE listing requirements due to the late filing of its Quarterly Report on Form 10-Q for Q1 2021. The company has six months to file the report. This delay is attributed to additional evaluation needed for financial statements due to SEC guidance on SPAC warrants. Capstar is working with its accounting firm to file the necessary reports as soon as possible.