Healthcare Industry News: endoscope
News Release - October 8, 2007
Apollo Endosurgery, Inc. Secures $11.5 Million in Series A FinancingCompany Developing Flexible Devices for Natural Orifice Surgery
AUSTIN, Texas, Oct. 8 (HSMN NewsFeed) -- Apollo Endosurgery, Inc., an early stage company developing medical devices for minimally invasive surgical procedures conducted through natural orifices, today announced it has secured $11.5 million in Series A financing from PTV Sciences, H.I.G. Ventures, and individual investors. Proceeds from this financing will be used to complete product development and conduct human clinical trials in the U.S.
"We are very pleased to have launched Apollo with solid venture backing from PTV Sciences and H.I.G. Ventures," said Dennis L. McWilliams, Apollo Endosurgery President and CEO. "We are at the cusp of the re-definition of surgery and this financing will allow Apollo to play a critical role in the evolution of this new market"
Apollo develops disposable devices that facilitate both endolumenal and translumenal surgical procedures (also known as NOTES). In addition to avoiding the scars caused by abdominal incisions, these procedures are expected to result in less pain, require less sedation, and lead to faster recovery times for patients. Apollo's NOTES Access System(TM) allows surgeons to quickly and safely access the peritoneal cavity for both diagnostic and surgical interventions and is compatible with most currently available endoscopes.
In addition, Apollo has developed a set of robust flexible surgical tools designed specifically for natural orifice procedures. With the assistance of the Apollo Group, a world renowned flexible endoscopy "think tank," these devices are being applied to obesity, early stage cancers, and general surgical procedures.
Dr. Anthony Kalloo of Johns Hopkins Medical Center in Baltimore, an Apollo Group member widely known as one of the early pioneers of natural orifice surgery commented, "We are embarking on a new frontier in surgery. Natural orifice surgery will dramatically improve the quality of life for the patient through reduced pain and improved cosmetics."
Apollo Endosurgery was incubated by PTV Sciences and received initial support through a seed grant from the University of Texas Medical Branch.
"Apollo's unique collaboration of world renowned therapeutic endoscopists and minimally invasive surgeons combined with their broad patent base presents a compelling investment opportunity," said Matt Crawford of PTV Sciences.
"Natural orifice surgery represents the future of minimally invasive surgery, and Apollo Endosurgery has an excellent foundation to build a franchise in this growing field," added Bruce Robertson of H.I.G. Ventures.
About Apollo Endosurgery, Inc.
Apollo has assembled the key intellectual property and thought leaders in the field of natural orifice surgery via a unique partnership with the Apollo Group. The Apollo Group is a rare example of academic collaboration that began in the late 1990s, pooling intellect from seven thought-leading gastroenterologists and surgeons, including Drs. Sydney Chung from the Chinese University of Hong Kong, Anthony Kalloo and Sergey Kantsevoy of Johns Hopkins University, Christopher Gostout from the Mayo Clinic, Robert Hawes and Peter Cotton from the Medical University of South Carolina, and Jay Pasricha, formerly of the University of Texas Medical Branch. Apollo Endosurgery Inc. has a worldwide license from the Apollo Group for a wide breadth of translumenal and endolumenal methods and devices.
About PTV Sciences II
PTV Sciences was founded on the principle of achieving lasting financial success through the exploration of new frontiers. Our name and symbol of the Pinto horse captures the legacy of the southwestern spirit and dates back to the early successes of pioneers in oil and gas exploration. We believe that opportunities to create new industries exist in applied sciences and engineering, including biology, chemistry and physics. PTV Sciences invests in companies across the United States where Texas resources can be leveraged to create disruptive technology and compelling investment opportunities
About H.I.G. Ventures
H.I.G. Ventures partners with entrepreneurs to provide the capital, expertise and relationships necessary to build market-leading businesses. With over $550 million in dedicated venture and growth capital under management, the firm's team invests nationally in early to later-stage information technology, life science and service businesses. H.I.G. Ventures is the venture capital affiliate of H.I.G. Capital, a leading private equity investment firm with over $4 billion of capital under management. H.I.G. Ventures has offices in Atlanta and Miami. For more information, visit http://www.higventures.com
Source: Apollo Endosurgery
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