Lead investors Canaan Partners and Radius Ventures led a Series F round of financing that pumped $30 million into EndoGastric Solutions. Advanced Technology Ventures, MPM Capital, Foundation Medical Partners, Chicago Growth Partners and De Novo Ventures also participated.
EndoGastric has two products, EsophyX and StomaphyX, which use the company's natural orifice surgery (NOS) platform technology to treat gastrointestinal problems. The devices enter the body through the mouth rather than through an incision, something that is easier for patients and leads to shorter hospital stays and faster recovery. According to a release, EndoGastric plans to use the funding to increase the commercial presence of EsophyX and StomaphyX, and conduct clinical trials for other diseases.
"Over the past two years, the EsophyX and StomaphyX product platforms have been embraced with a high level of enthusiasm by the surgeon community, resulting in 100 percent revenue growth and 150 percent utilization growth in 2009 and thus far in 2010," notes EndoGastric CEO Thierry Thaure. "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."
- check out the EndoGastric release
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