MANSFIELD, Mass., Jan. 14 /PRNewswire/ -- NDO Surgical, Inc. today announced that it has closed a $15 million private equity financing. Versant Ventures led the round, which included investments from Polaris Ventures, and previous investor, Menlo Ventures. The company plans to use the proceeds to support the expanded commercialization of the Full-Thickness Plicator(TM) System for the treatment of gastroesophageal reflux disease, also known as GERD.
"The Plicator System is a breakthrough, non-surgical treatment alternative for the millions of GERD sufferers worldwide. We look forward to actively working with NDO Surgical to continue to expand the number of patients whose lives can be vastly improved by this extraordinary technology." said Kevin Wasserstein, of Versant Ventures.
As part of this round, Dr. Ross Jaffe and Kevin Wasserstein of Versant Ventures, and Terry McGuire of Polaris Ventures will join the NDO Surgical Board of Directors.
"I am very excited about the quality of the investors in this financing, and the entire NDO Surgical team looks forward to working with them in delivering the best products and services to our physician customers and their patients", commented Jim Miraldi, president and chief executive officer of NDO Surgical.
More than 15 million Americans suffer from GERD, typically experiencing chronic daily heartburn symptoms, which can sometimes be debilitating. Current treatment options for GERD range from prescription medications to surgery. While medications can often relieve heartburn, they are sometimes inadequate, often require a life-long regimen, and do not treat the underlying mechanical defect that is present in patients with GERD.
NDO Surgical's Full-Thickness Plicator is a U.S. Food and Drug Administration (FDA)-cleared, endoscopic treatment for GERD. The Plicator procedure, based upon the proven principles of anti-reflux surgery, is designed to restore the normal anti-reflux barrier through a simple, outpatient procedure. One-year clinical outcomes data recently presented at the Annual Digestive Disease Week conference demonstrated that 70 percent of patients treated with the Plicator remained completely off of their prescription PPI medications.
NDO Surgical, located in Mansfield, MA, is a developer, manufacturer, and marketer of innovative endoscopic technologies for the treatment of gastrointestinal disease. For more information, please visit NDO Surgical's web site at http://www.ndosurgical.com/.
About Versant Ventures
Founded in 1999, Versant Ventures is a leading healthcare venture capital firm that currently manages $680 million in committed capital. Since its formation, Versant has invested in more than 50 companies in the Medical Device, Biotech, Healthcare Services and Healthcare Information Technology sectors. The Versant team of twelve investment professionals located in Menlo Park and Newport Beach bring together more than 175 years of combined experience and success as venture capitalists and entrepreneurs. Versant invests in early-stage healthcare companies promising to be significant, long- term market leaders. For additional information, please visit http://www.versantventures.com/.
About Polaris Ventures
With over $2 billion under management, Polaris Venture Partners is a partnership of experienced venture capital investors and technology executives who help entrepreneurs build market-leading companies in information technology and life sciences. Polaris-backed companies include: Advanced Inhalation Research (AIR(TM)); Akamai Technologies, Inc.; Allaire Corporation; Aspect Medical Systems; Centra Software; deCODE genetics; and SolidWorks (sold to Dassault Systemes). The company has offices in Boston and Seattle. More information about Polaris Venture Partners is available at http://www.polarisventures.com/.
About Menlo Ventures
Menlo Ventures provides long-term capital and management support to early- stage and emerging-growth companies from its latest $1.5 billion venture capital fund. The firm is one of Silicon Valley's oldest and largest venture capital partnerships, and has organized and managed nine venture funds since inception 28 years ago in 1976. With over $2.7 billion under management, and a team with over one hundred years of collective experience in technology, marketing, sales and general management, Menlo Ventures has the expertise and resources to support the most ambitious of growing companies. For additional information, please visit http://www.menloventures.com/.
NDO Surgical, Inc.