EndoGastric Solutions said today that it closed its Series I financing round bringing in a total of $45 million, with proceeds slated to support commercialization and and improving market demand for its EsophyX device.
The EsophyX device is designed to be deployed transorally, resulting in an incision-less fundoplication. EndoGastric Solutions’ first version of the EsophyX device won FDA clearance in 2007 and the third-generation Z model launched in 2015.
The EsophyX device uses approximately 20 biocompatible fasteners to create a 2-3 cm, 270° esophagogastric fundoplication. A video endoscope is attached to the device, enabling direct visualization throughout the transoral incision-less fundoplication, or TIF, procedure.
The round was joined by Accelmed, and expanded on a previous raise of $30.5 million, Redmond, Wash.-based EndoGastric Solutions said.
“TIF 2.0 provides an effective and durable solution to a significant unmet clinical need in the management of patients suffering from gastroesophageal reflux disease. Based on a growing body of strong clinical data and the increased market demand for a minimally invasive treatment option, Accelmed believes that EndoGastric Solutions is well positioned to capture a significant portion of the market and effectively treat the millions of patients suffering from GERD. EndoGastric Solutions has an outstanding management team that is well positioned to lead it through its accelerated growth. We welcome the opportunity to support the company and its management in achieving its growth objectives and I am very pleased to join its board of directors,” Accelmed managing partner & co-founder Uri Geiger, who is joining the company’s board of directors, said in a press release.
“With the closing of this round, we have established a strong financial foundation from which to leverage the significant growth opportunities ahead of us and achieve long-term commercial viability. We are also very excited to welcome Dr. Geiger to the Board of Directors and believe that his demonstrated track record of success in the medical device industry will help us realize our full commercial potential,” prez & CEO Skip Baldino said in a prepared statement.