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Medical device company EndoStim has raised $14.1 million in a fundraising round that closed last month, said EndoStim CEO Bevil Hogg. The deal is one of the largest venture-backed investments for a St. Louis company over the last year and has been in the making since December. EndoStim is commercializing a medical device called the Lower Esophageal Sphincter (LES) Stimulation System which treats gastro-esophageal reflux disease (GERD), commonly known as acid reflux, through electrical stimulation. EndoStim’s device is already on the market in Germany and several other countries but is not cleared for use in the United States by the Food and Drug Administration yet. Hogg said money raised in this round will be used to finance clinical work, commercializing efforts and the first phases of seeking FDA approval.
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