EndoGastric Solutions adds $31m

EndoGastric Solutions, which last week reported raising more than $25 million, said today that the total raise was $30.5 million. Redmond, Wash.-based EndoGastric Solutions said the round was led by existing backers Advanced Technology Ventures, Canaan Partners, Canepa Healthcare, Chicago Growth Partners, CRG, Radius Ventures, Sightline Partners and “several new healthcare investors excited about EGS’ commercial advances.” In a regulatory filing last week the company said it raised $25.4 million from 28 investors as part of a $35.5 million offering. Today EGS said it plans to use the infusion to back the commercial expansion of its Esophyx device for transoral incision-less fundoplication to treat gastroesophageal reflux disease. The company’s Z+ device, which launched last year, allows for a broader selection of endoscopes to be used. “This round of funding will enable EGS to continue to expand commercial operations and provide the millions of patients suffering from GERD access to the TIF procedure,” president & CEO Skip Baldino said in prepared remarks. “Recent publications demonstrating both durability and efficacy along with the FDA’s expanded labeling to include TIF procedures performed concomitantly with a hiatal hernia repair and the release of the third generation Esophyx Z+ device have positioned the company for rapid growth. In addition, recent reclassification of outpatient payments now more accurately alig...
Source: Mass Device - Category: Medical Devices Authors: Tags: Endoscopic / Arthroscopic Funding Roundup Wall Street Beat endogastricsolutions Source Type: news