EndoStim raises $25m Series D for neurostim GERD device

Five months after spiking its plans for an initial public offering, EndoStim said today that it raised a $25 million Series D round for the neurostimulation device it’s developing to treat gastroesophageal reflux disease. Saint Louis- and Nijmegen, Holland-based EndoStim said Endeavour Vision led the round, joined by existing backer Santé Ventures and new investors Wellington Partners and Gimv. Endostim said it plans to use the proceeds to expand its sales footprint in Europe and to fund a randomized, sham-controlled U.S. trial. The company describes its system in form and function to a pacemaker, with the device delivering low-level electrical stimulation to the lower esophageal sphincter, a muscle at the junction of the esophagus and stomach. The company touts the neurostimulation system as minimally-invasive, reversible and preserving of the anatomy of the esophagus and stomach. EndoStim won CE Mark approval in 2012 to market the system in Europe. The FDA has approved an investigational device exemption that allows EndoStim to conduct a clinical trial in the U.S. The company, which had tabled the planned $35 million IPO in October 2014, officially pulled the plug in December 2015. Co-founder & CEO Bevil Hogg took Stereotaxis (NSDQ:STXS) public in a 2004 IPO that raised $44 million. “Hundreds of millions of patients worldwide suffer from GERD, and many are not optimally treated with long-term proton pump inhibitor medication,” chairman ...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Funding Roundup Neuromodulation/Neurostimulation EndoStim Gastrointestinal Source Type: news