EndoGastric Solutions is continuing its fundraising march, gathering another $45 million for its acid reflux device treatment through the very rare series I round—as in the ninth letter of the alphabet.
With this financing, the company has raised at least $250 million across a mix of funding mechanisms since its 2003 founding and series A. The latest round had already brought in $30.5 million last July, which has now been expanded with an additional $14.5 million from the medtech investor Accelmed.
EndoGastric plans to use the new proceeds to further expand its commercialization efforts. Its EspohyX device is used in a minimally invasive procedure to reshape and rebuild the valve between the stomach and the esophagus from within using a specially designed endoscope. This helps halt the backflow of stomach acid and lessens the symptoms of gastroesophageal reflux disease, or GERD.
Referred to as transoral incisionless fundoplication, or TIF 2.0 by the company, the procedure is a less invasive version of open fundoplication surgery, where the upper portion of the stomach is wrapped around the outside of the esophagus to reinforce the strength of the valve.
According to EndoGastric, more than 22,000 of its TIF 2.0 procedures have been performed worldwide, and the EspohyX device received FDA approval in 2007.
“With the closing of this round, we have established a strong financial foundation from which to leverage the significant growth opportunities ahead of us and achieve long-term commercial viability,” EndoGastric President and CEO Skip Baldino said in a statement.
Editor's note: This story has been updated and corrected with more accurate financial information from EndoGastric Solutions.