EndoGastric Solutions, Inc. Completes $30 Million Financing Round
REDWOOD CITY, Calif.--(BUSINESS WIRE)--EndoGastric Solutions (EGS), the recognized leader in the emerging field of Natural Orifice Surgery (NOS), today announced that Canaan Partners and Radius Ventures co-led a $30 Million Series F financing designed to support the company through profitability. Existing investors Advanced Technology Ventures, MPM Capital, Foundation Medical Partners, Chicago Growth Partners, and De Novo Ventures joined to finalize the investment round.
“We are pleased to receive additional capital to support the development of the Natural Orifice Surgery marketplace,” commented Thierry Thaure, President and Chief Executive Officer of EndoGastric Solutions. “Our technology offers significant clinical, economic and strategic benefits to our hospital and surgeon customers. Over the past two years, the EsophyX and StomaphyX product platforms have been embraced with a high level of enthusiasm by the surgeon community, resulting in 100% revenue growth and 150% utilization growth in 2009 and thus far in 2010.
“Our goal is to establish NOS as the standard of care for patients with chronic acid reflux whose clinical needs are not met with medical management, and in the future, patients who suffer from obesity,” continued Thaure. “We are investing significantly in meeting this goal. This round of investment will support increasing our commercialization initiatives and expanding our clinical trial initiatives, which include two randomized, controlled clinical trials, one large prospective registry, and approximately 10 investigator initiated studies.”
“This financing is a clear signal that the Board of Directors believes in the direction the company is taking and the milestones that have been achieved,” commented Mike Carusi, General Partner of Advanced Technology Ventures. “We are also pleased to have an additional highly respected group of investors believe in the vision of EndoGastric Solutions.”
Brent Ahrens, General Partner of Canaan Partners, commented, “EndoGastric Solutions sits in the unique position of offering patients and surgeons therapeutic solutions to significant unmet clinical needs. The company has demonstrated a clinical advantage, developed a business model to bring this value to patients, and built a management team that knows how to execute. We are excited to support the company in accelerating the adoption of these innovative procedures and building a franchise with significant value.”
Kathleen Regan, Venture Partner of Radius Ventures, added, “It is rare to find a company experiencing this level of growth and addressing markets as substantial as reflux and obesity. We believe firmly that EndoGastric Solutions is on the path to establishing NOS as the standard of care in these two areas.”
Following the investment, Brent Ahrens and Kathleen Regan joined the Board of Directors for EndoGastric Solutions. Rockport Ventures advised on the transaction.
About EndoGastric Solutions®
A privately held company, EndoGastric Solutions, Inc. is a pioneer in endoluminal procedures for the treatment of upper gastrointestinal diseases, including gastroesophageal reflux disease (GERD) and other GI disorders. EGS’ mission is to utilize the most current wisdom in gastroenterology and surgery to develop new transoral procedures and products to address the largest unmet needs in gastrointestinal diseases.