EndoGastric Solutions has closed a series of financing rounds and secured $45 million from investors, according to a company press release.
“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,” Skip Baldino, president and CEO of EndoGastric Solutions, said in the release.
According to the release, the company intends to use the proceeds to further accelerate commercialization efforts in supports of the growing market demand for its Transoral Incisionless Fundoplication (TIF 2.0) procedure.
“TIF 2.0 provides an effective and durable solution to a significant unmet clinical need in the management of patients suffering from gastroesophageal reflux disease,” Uri Geiger, PhD, co-founder and managing partner of Accelmed, which invested in the device, said in the release. “Based on a growing body of strong clinical data and the increased market demand for a minimally invasive treatment option, Accelmed believes that EndoGastric Solutions is well positioned to capture a significant portion of the market and effectively treat the millions of patients suffering from GERD.”