Redwood City, CA-based EndoSphere, which is developing a platform of endoscopically implantable devices for the treatment of metabolic diseases, including obesity and Type 2 diabetes, is moving to Ohio.
The company has qualified for Ohio's Technology Investment Tax Credit and is in discussions with several Ohio angel investors, CEO Jim McKinley said, according to MedCity News. The company is looking for a $2 million Series A round of investment to fund clinical studies of its device.
EndoSphere's technology causes gradual weight-loss without the need for surgery. Patients simply feel full sooner, without nausea or any other awareness of the product. The devices are delivered in a 15 minute out-patient procedure. The shape of the devices enables easy self-anchoring without attachment to the intestine.
It'll likely be awhile before the move to Ohio translates into increased employment numbers there, as MedCity notes. The company is focused first on introducing the device in Europe and hopes to obtain regulatory clearance to sell the device in the EU sometime in 2012.
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