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Effective URL: https://endpts.com/as-weight-loss-leaders-boom-one-biotech-contender-abandons-its-quest-with-chapter-7-liquidation/
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* Channels * All News * In Focus * Special * AI * Bioregnum * Biotech Voices * Cell/Gene Tx * China * Coronavirus * Deals * Diagnostics * Discovery * FDA+ * Financing * Health Tech * Law * Letters to the Editor * Manufacturing * Marketing * Opinion * Outsourcing * Peer Review * People * Pharma * R&D * Startups * Weekly * Webinars * Biopharma Jobs * More * Work at Endpoints * Letter to Editors * IPO Tracker * Webinars * Events * Sponsored Posts * Advertise * Privacy Policy * Endpoints Merch * About Us * Help * SIGN UP * LOG IN Yishai Zohar, Gelesis founder November 3, 2023 11:50 AM EDTUpdated November 3, 08:57 PM Pharma AS WEIGHT LOSS LEADERS BOOM, ONE BIOTECH CONTENDER ABANDONS ITS QUEST WITH CHAPTER 7 LIQUIDATION JOHN CARROLL EDITOR & FOUNDER Weight loss drugs were heralded as one of the biggest innovations in biopharma in 2023, as the GLP-1 contenders swelled into megablockbusters. But for one small biotech looking to make it big in the business of shedding pounds, this year marks the end of the line on a long and winding trail that led to biotech Boot Hill. Gelesis, which was backed by PureTech, quietly filed for Chapter 7 bankruptcy liquidation mid-week, weeks after PureTech gave up on a plan to bring the struggling outfit back into the fold. PureTech is led by Daphne Zohar, who is married to Gelesis founder and CEO Yishai Zohar, though a spokesperson tells Endpoints News that she recused herself from any of the decision-making regarding Gelesis. According to the SEC filing, Yishai Zohar joined the rest of the directors in dropping off the board after they gave up on finding some sort of “strategic alternative” for Gelesis. Zohar also resigned his executive post. No staffers remain, with a court-appointed executor coming on board to handle the liquidation. advertisement advertisement The FDA gave Gelesis the green light to sell Plenity in 2019, launching a hydrogel product that was designed to swell inside the stomach and make people feel full. It never caught on, with some outside observers dissing a very modest effect. According to a spokesperson, PureTech called off a proposed all-stock takeover after deciding that it would take “longer than we had anticipated.” PureTech spinouts have experienced a variety of ups and downs during the industry’s post-Covid downturn. Its video games-as-therapy startup Akili has sunk to penny stock status. But PureTech also recently sold its royalty stream in Karuna Therapeutics to Royalty Pharma for $100 million in cash and $400 million in milestones. And microbiome player Vedanta raised more than $100 million to fund its late-stage treatment earlier in the year. Gelesis — which was listed on PureTech’s portfolio until the end of the week — went public in early 2022 through a SPAC deal. The company raised $105 million to help move Plenity forward. The story has been updated to note that a spokesperson for PureTech reports that Daphne Zohar recused herself from any of the decision-making regarding Gelesis. The company did not immediately respond to a query regarding when Daphne Zohar recused herself. AUTHOR JOHN CARROLL EDITOR & FOUNDER john@endpointsnews.com @JohnCendpts John Carroll on LinkedIn TRENDING NOW THESEUS PHARMACEUTICALS LAYS OFF MOST WORKERS AND SEEKS 'STRATEGIC ALTERNATIVES' AFTER CANCER PIPELINE FAILURE ORBITAL THERAPEUTICS CLOSES SOUTH SAN FRANCISCO LAB, ELIMINATING SOME ROLES SWISS CANCER VACCINE BIOTECH NOUSCOM RAISES $72M SERIES C FOR PHII TRIALS ASTRAZENECA'S CONCURRENT IMFINZI-CHEMO-RADIATION COMBO IN LUNG CANCER MISSES PRIMARY ENDPOINT IN PHIII TRIAL FDA EXPLAINS WHY IT DENIED ABOUT 60% OF NON-ONCOLOGY BREAKTHROUGH THERAPY REQUESTS FROM 2017 TO 2019 sponsored CLINICAL STUDIES IN JAPAN TODAY: ANOTHER LOOK AT THE WORLD’S SECOND-LARGEST PRESCRIPTION DRUG MARKET IN A ... YOU HAVE READ 4 OUT OF YOUR 4 FREE MONTHLY ARTICLES. FOR UNLIMITED ACCESS, UPGRADE TO A PREMIUM PLAN. 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