SAN CLEMENTE, Calif., Dec. 15 /PRNewswire/ -- USGI Medical Inc., a pioneer in the new field of incisionless endoluminal surgery for GI diseases, today announced the closing of its $12M Series B preferred stock financing. This funding provides USGI with the capital resources to initiate commercialization of its FDA-approved SG-1(TM) Endoluminal Shape-Locking(TM) Guide, and to accelerate development of additional near-term endoluminal surgery systems currently in the company's pipeline. The financing was led by InterWest Partners with the Series A lead investor, Alta Partners, participating. With the completion of this financing, Michael Sweeney, General Partner of InterWest Partners, will join co-founders Eugene Chen and Vahid Saadat along with Guy Nohra from Alta Partners, on the USGI Board of Directors.
"This infusion of capital and the addition of InterWest Partners represents a very important milestone for USGI," said Eugene Chen, chief executive officer of USGI. "With this funding we are now well positioned to continue to pioneer this emerging market."
USGI's incisionless endoluminal surgery systems are poised to revolutionize the treatment of gastrointestinal (GI) disorders by enabling gastroenterologists and surgeons to perform complex surgical procedures through the natural GI passageways. "We can now build upon our talented team of employees and accelerate development of our endoluminal surgery technology to offer clinicians a new therapeutic modality," said Vahid Saadat, President of USGI Medical.
USGI's initial product, the SG-1(TM) Endoluminal Shape-Locking(TM) Guide, recently received FDA clearance for use in upper and lower GI procedures. This novel device facilitates a more efficient colonoscopy and enables complex endoluminal procedures by creating a stable platform for visualization and access throughout the flexible GI tract.
"We believe that endoluminal procedures represent one of the most important near-term advancements in surgery," stated Guy Nohra, co-founder and director of Alta Partners. "As the initial investor in USGI, we are very pleased with the progress the company has made to date and with the considerable opportunities ahead."
"USGI's ability to develop innovative GI systems that significantly improve upon current invasive surgical procedures distinguishes the company as a leader in the newly emerging field of endoluminal therapy," said Michael Sweeney, General Partner of InterWest Partners. "We are extremely impressed with the quality of leadership at USGI and look forward to the development of the company's revolutionary pipeline."
About USGI Medical
USGI Medical, a privately held medical device company, was founded in 2001 through a partnership with Alta Partners, a leading life sciences venture capital firm.
For more information, please visit USGI Medical's website at http://www.usgimedical.com/.
USGI Medical Inc.
CONTACT: Eugene Chen, CEO of USGI Medical Inc., +1-949-369-3890; orinvestors, Stephanie Diaz, +1-415-885-2298, or media, Tim Brons, +1-646-319-8981, both of Vida, LLC