EndoGastric Solutions, which last week reported raising more than $25 million, said today that the total raise was $30.5 million.
Redmond, Wash.-based EndoGastric Solutions said the round was led by existing backers Advanced Technology Ventures, Canaan Partners, Canepa Healthcare, Chicago Growth Partners, CRG, Radius Ventures, Sightline Partners and “several new healthcare investors excited about EGS’ commercial advances.” In a regulatory filing last week the company said it raised $25.4 million from 28 investors as part of a $35.5 million offering.
Today EGS said it plans to use the infusion to back the commercial expansion of its Esophyx device for transoral incision-less fundoplication to treat gastroesophageal reflux disease. The company’s Z+ device, which launched last year, allows for a broader selection of endoscopes to be used.
“This round of funding will enable EGS to continue to expand commercial operations and provide the millions of patients suffering from GERD access to the TIF procedure,” president & CEO Skip Baldino said in prepared remarks. “Recent publications demonstrating both durability and efficacy along with the FDA’s expanded labeling to include TIF procedures performed concomitantly with a hiatal hernia repair and the release of the third generation Esophyx Z+ device have positioned the company for rapid growth. In addition, recent reclassification of outpatient payments now more accurately align with the true cost of the TIF procedure and will further the clinical adoption of this important treatment option.”
“EGS continues to lay the foundation for success having achieved a number of important commercial milestones in recent months,” added ATV general partner Mike Carusi. “The company is very well-positioned to continue the acceleration of its growth going forward. ATV and our fellow EGS co-investors are very excited about the company’s prospects to become the leading long-term solution in the treatment of GERD.”
In November last year, EndoGastric Solutions touted that new Medicare Administrative Contractors Noridian Health Care Solutions and National Government Services were granted reimbursement access for the transoral incision-less fundoplication procedure using the Esophyx device.