Healthcare Industry News: EndoGastric Solutions
News Release - August 30, 2010
EndoGastric Solutions Completes $30 Million Financing RoundSeries F Investment Supports Rapid Adoption of NOS Technology
REDWOOD CITY, Calif.--(Healthcare Sales & Marketing Network)--EndoGastric Solutions (EGS), the recognized leader in the emerging field of Natural Orifice Surgery (NOS), today announced that Canaan Partners and Radius Ventures co-led a $30 Million Series F financing designed to support the company through profitability. Existing investors Advanced Technology Ventures, MPM Capital, Foundation Medical Partners, Chicago Growth Partners, and De Novo Ventures joined to finalize the investment round.
“Our goal is to establish NOS as the standard of care for patients with chronic acid reflux whose clinical needs are not met with medical management, and in the future, patients who suffer from obesity,” continued Thaure. “We are investing significantly in meeting this goal. This round of investment will support increasing our commercialization initiatives and expanding our clinical trial initiatives, which include two randomized, controlled clinical trials, one large prospective registry, and approximately 10 investigator initiated studies.”
“This financing is a clear signal that the Board of Directors believes in the direction the company is taking and the milestones that have been achieved,” commented Mike Carusi, General Partner of Advanced Technology Ventures. “We are also pleased to have an additional highly respected group of investors believe in the vision of EndoGastric Solutions.”
Brent Ahrens, General Partner of Canaan Partners, commented, “EndoGastric Solutions sits in the unique position of offering patients and surgeons therapeutic solutions to significant unmet clinical needs. The company has demonstrated a clinical advantage, developed a business model to bring this value to patients, and built a management team that knows how to execute. We are excited to support the company in accelerating the adoption of these innovative procedures and building a franchise with significant value.”
Kathleen Regan, Venture Partner of Radius Ventures, added, “It is rare to find a company experiencing this level of growth and addressing markets as substantial as reflux and obesity. We believe firmly that EndoGastric Solutions is on the path to establishing NOS as the standard of care in these two areas.”
Following the investment, Brent Ahrens and Kathleen Regan joined the Board of Directors for EndoGastric Solutions. Rockport Ventures advised on the transaction.
About EndoGastric Solutions®
A privately held company, EndoGastric Solutions, Inc. is a pioneer in endoluminal procedures for the treatment of upper gastrointestinal diseases, including gastroesophageal reflux disease (GERD) and other GI disorders. EGS’ 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.
For more information about EndoGastric Solutions and its products, EsophyX® and StomaphyX®, please visit: http://www.endogastricsolutions.com/.
Source: EndoGastric Solutions
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