EndoStim said it hopes to raise nearly $36 million in an initial public offering, with plans to plow $10 million into clinical studies of its system to treat severe gastroesophageal reflux disease and another $14 million to commercialize the system.
EndoStim is operating from a small headquarters in St. Louis where it employs 13 people, including CEO Bevil Hogg, who took Stereotaxis (NSDQ:STXS) public in a 2004 IPO that raised $44 million. Sign up to get our free newsletters delivered straight to your inbox
Santé Health Ventures was the biggest contributor to some $26 million in funding EndoStim secured across three rounds between 2010 and 2014, with the Austin, Texas-based life-sciences investor holding 19% of EndoStim shares heading into the IPO. The company said the IPO could reach $35.8 million if underwriters exercise their over-allotment.
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