Healthcare Industry News: Novo Ventures
News Release - August 29, 2007
EndoGastric Solutions Raises $30 Million to Fund US CommercializationREDMOND, Wash., Aug. 29 (HSMN NewsFeed) -- EndoGastric Solutions(TM), the world leader in natural orifice surgery (NOS), announces that it has completed a $30 million round of private financing. The financing, EndoGastric Solutions' Series D Round, was led by DeNovo Ventures of Palo Alto, California. In connection with the financing, Joe Mandato of DeNovo Ventures will join the Company's Board of Directors.
EndoGastric Solutions plans to use the proceeds from the financing to fund expansion of sales and product marketing efforts in support of US sales of the StomaphyX(TM) device, cleared for US sales in March of this year, as well as the anticipated launch of its EsophyX(TM) device later in 2007. In addition to the new lead investor, the company's existing investors including Chicago Growth Partners(TM), MPM Capital, Advanced Technology Ventures(TM), Foundation Medical Partners(TM), and Oakwood Medical Investors(TM) also participated in the financing.
Thierry Thaure, EndoGastric Solutions' President and Chief Executive Officer said, "We are delighted to have the support of a sophisticated investor group like De Novo. Their team brings a unique depth of industry experience to bear on the exciting challenges that face EndoGastric Solutions in the upcoming quarters as we transition out of pure new product development and clinical trial phases and into building a solid customer base with US and international product revenues."
Joe Mandato of DeNovo said, "We believe that EndoGastric Solutions is ahead of other companies in this space. The combination of technological know-how, product portfolio, the large underserved targeted population together with the experience of its management team makes EGS an attractive investment opportunity. EGS' innovative products provide significant benefits to patients because, unlike laparoscopic or open surgical procedures, they allow for incision-less, less-invasive and less-time consuming procedures."
About EndoGastric Solutions, Inc
EndoGastric Solutions(TM) is a pioneer in Natural Orifice Surgery for the treatment of gastrointestinal diseases, including GERD and other surgical applications in the GI tract. EndoGastric Solutions' mission is to utilize the most current wisdom in gastroenterology and surgery to develop new transoral procedures and products to address the largest unmet needs in gastrointestinal diseases. EndoGastric Solutions' technologies involve modifying current open surgical and/or laparoscopic approaches by using transoral access instead of abdominal incisions. The company designs and manufactures single-use instruments that will enable these incision-less solutions, and focuses on clinically based products for use by gastroenterologists and surgeons.
StomaphyX is available in the United States. EsophyX is currently under FDA pre-market notification [510(k)] review and is not currently available in the U.S. Both devices are CE marked and available in the European Union.
For more information about EndoGastric Solutions, Inc., EsophyX and StomaphyX please visit:
In the US: http://www.endogastricsolutions.com
In the EU: http://www.egseurope.eu
Other locations throughout the globe: http://www.egsglobal.net
Source: EndoGastric Solutions
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