EndoStim last week reported raising more than $12 million for its neurostimulation device for treating gastroesophageal reflux disease.
The Dallas-based company hopes to bring in a total of $25 million in the round, which follows a $25 million Series D financing in May 2016. The most recent equity and options funding involved 20 unnamed investors, according to a regulatory filing.
The EndoStim device is similar in form and function to a pacemaker, designed to deliver low-level electrical stimulation to the lower esophageal sphincter, a muscle at the junction of the esophagus and stomach. The company touts the neurostimulation system as minimally-invasive, reversible and preserving of the anatomy of the esophagus and stomach.
The company won CE Mark approval in 2012 to market the system in Europe and is running a 110-patient, FDA-approved investigational device exemption study in the U.S. The company, which had tabled the planned $35 million IPO in October 2014, officially pulled the plug on the IPO in December 2015.