In Septemeber, Irvine, CA-based ReShape Lifesciences signed an exclusive, royalty-bearing license agreement with Biorad Medysis, Pvt. Ltd. of Mumbai India to manufacture, commercialize and distribute the Obalon® Gastric Balloon System in India, Pakistan, Bangladesh, Nepal, Bhutan, Sri Lanka, and the Maldives.
The non-surgical, minimally invasive, Obalon System approved by the U.S. Food and Drug Administration, was the first gas filled balloon system that could be swallowed.
The license agreement provides $200,000 in upfront payments from Biorad to ReShape and ongoing license payments of 4% on gross sales of the System in the territories.
Mumbai-based Biorad has manufactured and sold medical devices in the urology, gastroenterology, orthopedic and neurovascular industries. It is now expanding into the bariatric arena.
Paul F. Hickey, president and CEO of ReShape Lifesciences said, “This exclusive agreement with Biorad represents the first step toward reintroducing our patented Obalon Balloon System technology to the global marketplace.
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.”
