Funds from the round are slated to commercially scale its platform of products used to treat chronic diseased related to weak sphincter muscles, including its Linx reflux management system and Fenix continence restoration system.
“Strong commercial success of both our Linx and Fenix devices has established a foundation that we will now use to accelerate our sales growth. Our goal is to provide first line minimally invasive therapies to patients suffering from GERD and FI. These chronic diseases are both debilitating to patients’ quality of life and a major economic burden on our healthcare system. With the addition of Chas to the Torax Medical leadership team along with the financial contributions and strategic capabilities of the investors participating in our Series E financing, we will significantly expand patient access to the unique clinical benefits of the Linx and Fenix products,” CEO Todd Berg said in prepared remarks.
Joining the funding round were existing investors Sanderlin Ventures, Thomas McNerney & Partners, Accuitive Medical Ventures, Kaiser Permanent Ventures, Piper Jaffray Companies and Mayo Clinic Ventures.
In April, Torax Medical said that the 1st U.S. implantation of its Fenix system was performed late last week. The procedure was carried out at Jacksonville, Fla.’s Mayo Clinic by Dr. Paul Pettit, the St. Paul, Minn.-based company said.
In January, Torax its Fenix system won FDA Humanitarian Device Exemption approval for treating fecal incontinence.
The FDA announced the device had been cleared for marketing in mid-December, with indications for treating fecal incontinence in patients who are not candidates for, or have failed with other options to treat the issue.