Connecticut-based Mederi Therapeutics closed a Series B financing round, bringing in $18.5 million through sales of preferred stock and venture debt.

Funding was led by Acadia Woods Partners, LLC, Respiratory Diagnostics Inc., and Horizon Technology Finance, Mederi reported.

Mederi plans to use the new financing to further develop its Stretta therapy for gastroesophageal reflux disease and Secca therapy for bowel incontinence.

“Many device start-up companies launch with large sales forces and deep marketing budgets before gaining traction with clinical data and reimbursement," CEO Will Rutan said in prepared remarks. "Mederi has strategically built sales and marketing as we gained such traction. This conservative approach has paid off, resulting in expanding insurance coverage domestically and abroad, significant growth in 2013, and product availability in almost 40 countries on a relatively small amount of investor capital."