EndoSphere Inc. Announces Pivotal Financing Led by Broadline Capital
COLUMBUS, Ohio, June 1, 2011 /PRNewswire/ -- EndoSphere Inc., a medical technology company developing a platform of endoscopically implantable devices for the treatment of metabolic diseases, including obesity and type 2 diabetes, announced today the completion of a highly oversubscribed Series A Preferred Financing round led by Broadline Capital, a global private equity investment firm. EndoSphere Inc., which holds 23 U.S. and international issued and pending patents, will use the funding to expand its intellectual property assets and to complete additional clinical product testing.
"EndoSphere is extremely fortunate to align itself with Broadline Capital, which offers a rare blend of global financial expertise and pragmatic operating experience," said James McKinley, EndoSphere CEO.
Broadline Capital was formed in 2005 by Christopher Thorne, an early pioneer in China's private equity industry and former management consultant at McKinsey & Company. Thorne previously founded and developed a software technology company that created efficiency gains for manufacturers, distributors and retailers in the trillion-dollar food and beverage, consumer packaged goods and retail supply chains. The resulting company sold to institutional investors at a nine-figure enterprise valuation in 2007.
"An investment in EndoSphere presented us with a unique opportunity to invest in, and support, an exciting portfolio of intellectual property assets and a highly experienced management team," said Thorne. "EndoSphere's technology brings an innovative approach to treating obesity, which has become one of the largest health problems worldwide."
The company is planning a multi-center clinical trial while continuing its research and development of innovative and profitable applications.
"With the support of this financing, EndoSphere is poised to fulfill the potential of the technology and the expectations of the investors," commented McKinley.
Broadline Capital's co-investing partners in EndoSphere's Series A Preferred Financing include investment firm Glengary LLC, Physician Investment Group LLC, and several of the nation's largest angel investment funds including Ohio TechAngel Funds II and III, North Coast Angel Fund II, and QCA First Fund III.
About EndoSphere Inc.
EndoSphere Inc. is a medical technology company that develops and commercializes devices including the SatiSphere duodenal insert, which treats one of the most critical healthcare issues in the world today: obesity and its co-morbidities. EndoSphere is a Delaware corporation founded in 2006 in Redwood City, California and is now headquartered in Columbus, Ohio.
About Broadline Capital
Broadline Capital is a global private equity investment firm with offices in the U.S. and China. The firm was founded in 2005 by Christopher Thorne to provide capital, expertise and management support to promising companies within highly charged markets. Leading some of the most creative deals in its market categories, Broadline Capital received the private equity industry's "Deal of the Year" award in Asia, named by Private Equity International for a 2007 China investment. For more information about Broadline Capital, please visit www.BroadlineCapital.com.
Bryan Kozlowski, Financial Controller
SOURCE EndoSphere Inc.