Belgian endoscopic medical device developer Endo Tools Therapeutics said yesterday that it closed an approximately $5.7 million (EU €5 million) Series C round of financing.
The round was led by Epimède and joined by existing investors FPIM-SFPI, Chagral Invest and other individual investors, the company said. In connection with the funding round, Epimède co-founder Philippe Degeer will join the company’s board of directors.
“We believe ETT is uniquely positioned to change gastroenterology practice and address unmet clinical needs. We are proud and excited to be part of this journey and are very confident of the team’s ability to deliver results,” Degeer said in a press release.
Proceeds from the round will support future studies and development of ETT’s devices, including continued development of its flagship platform, Endomina.
The Endomina system is a triangulation platform that adds new degrees of freedom and therapeutic channels to existing endoscopes, ETT said. The system is intended to enable gastroenterologists and surgeons to perform complex movements and to use multiple instruments during surgery.
The Endomina platform already has CE Mark clearance in the European Union and has been used in more than 230 procedures, the company said.
“With technical and regulatory challenges behind us, these funds will allow Endo Tools Therapeutics to achieve further proof of efficacy of treatments performed with our devices, as well as wider adoption,” CEO Alexandre Chau said in a prepared statement.
