Torax Medical closed a $30 million Series D funding round in support of its acid reflux treatment products.
The funds will go toward expanding commercialization of the St. Paul, Minn.-based medical device company’s sphincter augmentation systems, including Torax’s platform Magnetic Sphincter Augmentation devices.
The MSA system, comprised of interlinked titanium beads, uses magnetic attraction to boost a weakened sphincter’s existing function to prevent reflux or incontinence, according to a company statement.
Torax’s LINX reflux management system, built on the MSA platform, in March won FDA approval following for surgical management of Gastroesophageal reflux disease. The device had garnered a unanimous recommendation from the FDA’s advisory panel.
"We believe there is a tremendous market opportunity for a more effective treatment of reflux disease. This is a condition which has huge quality of life impacts on millions of patients and also puts many patients at risk for serious disease progression, including cancer," Tom Schnettler, managing director for lead Series D investor Piper Jaffray Merchant Banking, said in prepared remarks. "We look forward to assisting the company to further develop this market."
The funding round was joined by Sanderling Ventures; Thomas, McNerney & Partners; Accuitive Medical Ventures; Kaiser Permanente and Mayo Medical Ventures, according to a press release.
