SAN MATEO, Calif.--(BUSINESS WIRE)--EndoGastric Solutions® (EGS), the leader in endoluminal reconstructive treatment for gastroesophageal reflux disease (GERD), announced today that it completed raising $30 million in an internal round of financing.
Existing investors including Advanced Technology Ventures, Canaan Partners, Chicago Growth Partners, De Novo Ventures, Foundation Medical Partners, Oakwood Medical Investors and Radius Ventures participated in the Series G financing round.
“This is a pivotal time in the company’s evolution,” said Michael Carusi, EGS board member and General Partner of Advanced Technology Ventures. “The current management team is focused on a commercialization strategy that is balanced between investments in on-going product development, clinical data, healthcare economics and supporting trained physicians.”
“The TIF procedure for reflux has the potential to help millions of patients that suffer from typical and atypical GERD symptoms,” said Skip Baldino, EGS President and CEO. “We are assisting professional societies in defining a clear pathway for reimbursement using the highest quality data from rigorous clinical trials.”
With the recent investment, the Company intends to fund activities in support of publishing data from three randomized trials, bring new products to market, and establish clear reimbursement for its technology.
Gastroesophageal Reflux Disease (GERD) is a condition caused by anatomical changes where the muscle at the base of the esophagus relaxes between swallows, allowing corrosive stomach acid to wash back up into the esophagus. The stomach produces hydrochloric acid after a meal to aid in the digestion of food. The cells that line the stomach consists of protective mucus that protect it from erosion, but the lining of the esophagus does not share these resistant features and stomach acid can damage it.
GERD is the most common gastrointestinal-related diagnosis given by physicians during clinical visits in the U.S. It is estimated that pain and discomfort from acid reflux impacts over 23 million people two or more times per week in the U.S. The standard recommendations for symptomatic GERD patients include lifestyle changes (e.g. diet, scheduled eating times, and sleeping positions) and escalating doses of prescription medications for prolonged periods of time. Long-term, maximum dose usage of prescription medications has been linked to a variety of other health complications. Patients implement these recommendations trying to manage their symptoms and the quality of their lives becomes negatively impacted by these recommendations.
About EsophyX® and Transoral Incisionless Fundoplication (TIF®)
The EsophyX device was FDA cleared in 2007, and is commercially available in the United States. Inserted transorally with visual guidance from an endoscope, the EsophyX device is used in the TIF procedure to reconstruct the gastroesophageal valve (GEV), restoring its competency and reestablishing the barrier to reflux. The TIF procedure is a surgical solution that corrects the root cause of Gastroesophageal Reflux Disease (GERD). The TIF procedure is based on traditional surgical principles and offers similar effectiveness to a surgical repair with the safety profile of an incision-free approach. To date, more than 14,000 patients have been treated worldwide. For more information, visit www.GERDHelp.com.
About EndoGastric Solutions®
EndoGastric Solutions, Inc. (www.endogastricsolutions.com), headquartered in San Mateo, California, is a leader in the endoluminal treatment of digestive diseases. EGS' mission is to combine the most advanced concepts in gastroenterology and surgery to develop products and procedures that address unmet needs in gastrointestinal diseases.