Healthcare Industry News: endoscope
News Release - January 3, 2006
Spirus Medical Raises $5.9 Million in Preferred Equity Financing; Receives 510(k) Clearance for Endo-Ease(TM) SystemSTOUGHTON, Mass., Jan. 3 (HSMN NewsFeed) -- Spirus Medical, Inc. (http://www.spirusmed.com), a leading developer of diagnostic and therapeutic advancement systems for Gastroenterology, Urology and Gynecology, announced that it has raised $5.9 million in Series A Preferred Stock financing. BioVentures Investors, Point Judith Capital and Village Ventures, along with a group of accredited individual investors, participated in the financing and Boston Equity Advisors, LLC served as placement agent for the offering. The company also announced it has received 510(k) clearance from the FDA for its first product line, the Endo-Ease(TM) Endoluminal Advancement System (EAS(TM)).
Endo-Ease's one-of-a-kind technology, in conjunction with a conventional flexible endoscope, uses rotation to facilitate a gentler, easier and more efficient approach to gastrointestinal (GI) endoscopy, while enhancing the scope's diagnostic and therapeutic functionality. The inexpensive, single-use design of the EAS(TM) also means no added capital equipment costs.
"This financing represents a major milestone for Spirus. With this investment capital we are now well positioned to bring our innovative EAS(TM) platform technology to an ever expanding market," said Steve Tallarida, President and Chairman of the Board of Spirus Medical. "We are also very pleased to have received 510(k) clearance to market our Endo-Ease product line," said Robert Ailinger, Chief Operating Officer and Director of Spirus Medical. "This funding provides us with the resources to begin manufacturing and commercialization of the Endo-Ease product line later this year," said Ross Garofalo, Spirus chief financial officer.
"We believe that the EAS(TM) is one of the most significant developments in flexible GI endoscopy," said Marc Goldberg, Managing Director of BioVentures Investors. "We are very pleased with the progress that the Spirus team is making in addressing this enormous market opportunity." With the completion of this financing, Marc Goldberg of BioVentures Investors, Gina Raimondo of Point Judith Capital and Michael Benoit, an individual investor, will join Spirus co-founders Bob Ailinger, Jim Frassica, Steve Tallarida and Andrea Patisteas on its board of directors.
Spirus Medical, Inc., headquartered in Stoughton, Mass., was incubated and founded in 2005 by STD Med, Inc., a Stoughton-based manufacturer and developer of medical technologies. Spirus has developed a revolutionary Endoluminal Advancement System (EAS(TM)) for GI Endoscopy that represents a significant breakthrough by enabling gastroenterologists to perform flexible endoscopy procedures more efficiently. In addition, Spirus is developing other devices incorporating this same proprietary platform technology for use in urological and gynecological procedures.
Source: Spirus Medical
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