Clinical stage biotech Gelesis has withdrawn its proposed IPO and closed a $31.5 million growth financing round from Cormorant Asset Management, Invesco Asset Management, PureTech and the Pritzker/Vlock Family Office. Capital from the investment, which brings Gelesis' funding total over $90 million, will be used to support the completion of a six-month U.S. FDA pivotal trail of its weight-loss pill, Gelesis100. The company last raised a $22 million financing in March that valued it at $170 million.
Gelesis had filed to raise up to $56 million in an IPO, with plans to list shares on the NASDAQ under the symbol GLSS. The offering was withdrawn citing current market conditions.