REDMOND, Wash., Feb. 23 /PRNewswire/ -- EndoGastric Solutions, Inc.(TM) (EGS), a privately held medical device company developing endoluminal reconstructive gastric procedures, announced today that it completed a $32 Million Series C financing led by Chicago Growth Partners LLC(TM) (CGP). The Company plans to use the proceeds to support ongoing clinical trials, expand the product portfolio, and launch its first product commercially. In addition to Chicago Growth Partners, the Company’s existing investors, MPM Capital, Advanced Technology Ventures(TM) (ATV) and Foundation Medical Partners(TM), participated with increased investments over previous rounds as did a new investor, Oakwood Medical Investors(TM).
Dr. Arda M. Minocherhomjee, partner at Chicago Growth Partners, stated, “EGS’s products address large markets in the gastrointestinal (GI) space that are not well-served by either pharmaceuticals or surgical procedures. We expect their innovative products to provide significant benefits to patients because, unlike laparoscopic or open surgical procedures, they allow for an incision-less procedure. Furthermore, this procedure could well reduce or even eliminate the lifelong medications taken by many sufferers of gastroesophageal reflux disease (GERD). The clinical results to date for EsophyX(TM) look strong, and the data shows that the gastroesophageal valve created by the endoluminal fundoplication procedure appears to remain intact and stop reflux. The management team has successfully executed the plan and has made significant progress to date.”
EndoGastric Solutions’ first product is a trans-oral approach to treating gastroesophageal reflux disease (GERD) by creating and/or restoring the gastroesophageal valve, similar to that created by laparoscopic surgery. This valve prevents reflux of the stomach contents into the esophagus, thus eliminating the root cause and hallmark symptoms of GERD. EGS has completed the Phase 1 feasibility study enrollment and early follow-up for its GERD product, EsophyX(TM). Phase 2 trials of the product are ongoing. EGS is preparing to launch EsophyX in Europe and the U.S. The company is also broadening its portfolio to include trans-oral endoscopic treatment of obesity.
About EndoGastric Solutions
EndoGastric Solutions (EGS) is a pioneer in endoluminal procedures for the treatment of upper gastrointestinal diseases, including gastroesophageal reflux disease (GERD) and obesity. EGS’s mission is to utilize the most current wisdom in gastroenterology and surgery to develop new trans-oral procedures and products to address the largest unmet needs in gastrointestinal diseases. EGS’s initial procedures involve modifying current open surgical and/or laparoscopic approaches using trans-oral access. The company designs and manufactures single-use instruments that will enable these incision-less procedures, and focuses on clinically based products for use by gastroenterologists and surgeons. EGS is a privately held corporation located in Redmond, Washington. Investors include Chicago Growth Partners, MPM Capital, Advanced Technology Ventures, Foundation Medical Partners, and Oakwood Medical Investors.
Press Contacts: Susan Gibson Vice President of Marketing - EndoGastric Solutions, Inc. (425) 214-6135 SusanG@EndoGastricSolutions.com Dr. Arda Minocherhomjee Partner - Chicago Growth Partners (312) 698-6311 arda@cgp.com Thierry Thaure Chief Executive Officer - EndoGastric Solutions, Inc. (425) 307-9234 TBThaure@EndoGastricSolutions.com
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EndoGastric Solutions, Inc.
CONTACT: Susan Gibson, Vice President of Marketing - EndoGastricSolutions, Inc., +1-425-214-6135, SusanG@EndoGastricSolutions.com; Dr. ArdaMinocherhomjee, Partner - Chicago Growth Partners, +1-312-698-6311,arda@cgp.com; or Thierry Thaure, Chief Executive Officer - EndoGastricSolutions, Inc., +1-425-307-9234, TBThaure@EndoGastricSolutions.com
