California-based EndoGastric Solutions touted $30 million raised in a Series G fundraising round in support of its acid reflux treatment device.
EndoGastric hopes to publish data from a trio of clinical trials, pursue reimbursement and develop new products with the funds, the company said. The company makes endoscopic surgical equipment for tissue-stapling in the stomach and esophagus, designed to treat reflux disease and, eventually, for bariatric applications.
The round included investments from existing funders Advanced Technology Ventures, Canaan Partners, Chicago Growth Partners, De Novo Ventures, Foundation Medical Partners, Oakwood Medical Investors and Radius Ventures, EndoGastric reported.
"This is a pivotal time in the company’s evolution," EndoGastric board member and Advanced Technology Ventures general partner Michael Carusi said in prepared remarks. "The current management team is focused on a commercialization strategy that is balanced between investments in on-going product development, clinical data, healthcare economics and supporting trained physicians."
The company just emerged from a Dept. of Justice investigation, paying $5.3 million while admitting wrongdoing to settle allegations that the company engaged in Medicare fraud and illegal kickbacks to promote its EsophyX acid reflux disease treatment device.