REDWOOD CITY, Calif.--(BUSINESS WIRE)-- EndoGastric Solutions® (EGS), a leader in the endoluminal treatment of GERD, today announced it has completed an internal round of financing that is an extension of the company’s 2010 Series F funding. Existing investors including Advanced Technology Ventures, Canaan Partners, Chicago Growth Partners, De Novo Ventures, Foundation Medical Partners, Oakwood Medical Investors and Radius Ventures participated in this round to raise $13 million.
“EGS’ technology has the potential to address millions of patients in the U.S. who suffer from GERD or chronic acid reflux,” said Mike Carusi, General Partner of Advanced Technology Ventures. “We believe the management team has the experience to successfully position Transoral Incisionless Fundoplication (TIF®) as the standard of care for patients who are dissatisfied with medical therapy and demand a safer, less invasive procedure than conventional surgery.”
“Our technology offers significant clinical, economic and strategic benefits to hospitals, physicians, patients and the healthcare system at large,” said Mike Kleine, President and CEO of EndoGastric Solutions. “Over the past year, we have sharpened our product focus to concentrate on EsophyX®, where we continue to build the body of clinical evidence in support of TIF. This funding will fuel our ongoing clinical trial initiatives, advance our reimbursement efforts, and continue our research and development programs.”
To date, over 10,000 patients have been treated with EGS’ TIF procedure globally. EGS aims to chart continued growth over the next five years by focusing on delivering high-quality customer service, expanding clinical evidence to support transoral procedures, engaging societies and payers on the benefits of the company’s technology, and investing in continued innovation.
About EsophyX® and Transoral Incisionless Fundoplication (TIF®)
The EsophyX device was FDA cleared in 2007, and is commercially available in the United States. Inserted transorally with visual guidance from an endoscope, the EsophyX device is used in the TIF procedure to reconstruct the gastroesophageal valve (GEV), restoring its competency and reestablishing the barrier to reflux. TIF is a surgical solution that corrects the root cause of Gastroesophageal Reflux Disease (GERD), a disease that affects over 60 million people in the U.S. Because TIF is rooted in traditional surgical principles and is minimally invasive, the procedure offers similar effectiveness to a surgical repair with the safety profile of a transoral approach. To date, more than 10,000 patients have been treated worldwide.
About EndoGastric Solutions®
EndoGastric Solutions, Inc. (www.endogastricsolutions.com), headquartered in Redwood City, California, is a leader in the endoluminal treatment of digestive diseases. EGS’ mission is to utilize the most current wisdom in gastroenterology and surgery to develop procedures and products that address unmet needs in gastrointestinal diseases.
EndoGastric Solutions, Inc.
Lan Nguyen, 650-220-2212