Allurion goes Public: Created by Canadian-born Harvard, MD, Makes it to the NYSE
Allurion, a global leader in Weight Loss Technology, has become publicly listed through Business Combination with Compute Health Acquisition Corp. and will be traded on the New York Stock Exchange under the symbol “ALUR.”
Over the past six months, medically administered Rapid Weight Loss Technology to treat obesity has seen explosive growth for brands in this category. Allurion Technologies, Inc. (“Allurion”), a company founded by Canadian and Harvard Medical School graduate Dr. Shantanu Gaur who is dedicated to ending obesity, and Compute Health Acquisition Corp, a special purpose acquisition company (“Compute Health”) (NYSE: CPUH), today announced that they have entered into a definitive business combination agreement that will result in Allurion becoming a publicly listed company. Upon closing, the combined company (the “Company”) will be named Allurion Technologies, Inc., and its common stock (the “Common Stock”) will be traded on the New York Stock Exchange under the symbol “ALUR.”
“This transaction is an important milestone for the Company. Allurion is just beginning its mission to end obesity around the world. With over 100,000 patients treated and counting, we have our sights set on touching the lives of the two billion people globally who are overweight,” said Dr. Shantanu Gaur, co-founder of Allurion Technologies Inc.
“With our deep experience at the intersection of healthcare, technology, and data, we see Allurion as a breakthrough platform addressing and solving one of the largest unmet medical needs in the world,” said Omar Ishrak, Compute Health Chairman.
There are two billion adults around the world who are overweight and 650 million adults with obesity. Among children and adolescents, obesity has increased tenfold during the past four decades. Importantly, most weight loss options are not delivering on expectations: 76% of patients are not fully satisfied with diet plans, and 65% of patients fear complications related to more invasive techniques. While weight loss drugs have shown to be effective, they often need to be used for life at high costs and can result in undesirable side effects. Both patients and providers need clinically proven weight loss solutions that can scale globally and address these shortcomings. Allurion has created the world’s first full-stack weight-loss platform featuring the Allurion Gastric Balloon, the world’s first and only swallowable, procedure-less gastric balloon for weight loss and has seen revenues increase 100% year over year from 2016 to 2021. Allurion’s revenue growth has been fueled by increasing utilization of The Allurion Program by existing providers and rapid geographical expansion.
We are happy to arrange an interview with Allurion Technologies’ Canadian founder and CEO, Dr. Shantanu Gaur or Chief Commercial Officer Benoit Chardon to speak about the sudden surge in anti-obesity options and where the Allurion Program fits in this new landscape as well as provide further insights on the newly announced business combination and public listing.
For further information (available in English and French) on the Business Combination with Compute Health Acquisition Corp., please see the EPK
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