By Lisa Kerner
Erie, Pa., Feb. 23 - EndoGastric Solutions, Inc. said it has completed a $32 million series C financing.
Proceeds will be used to support ongoing clinical trials, expand the product portfolio and launch EndoGastric's first commercial product, a trans-oral approach to treating gastroesophageal reflux disease by creating and/or restoring the gastroesophageal valve.
The financing was led by Chicago Growth Partners LLC. Also participating were the company's existing investors, MPM Capital, Advanced Technology Ventures and Foundation Medical Partners and new investor Oakwood Medical Investors.
"EGS's products address large markets in the gastrointestinal space that are not well-served by either pharmaceuticals or surgical procedures," Dr. Arda M. Minocherhomjee, partner at Chicago Growth Partners, said in a company news release.
"We expect their innovative products to provide significant benefits to patients because, unlike laparoscopic or open surgical procedures, they allow for an incision-less procedure. Furthermore, this procedure could well reduce or even eliminate the lifelong medications taken by many sufferers of gastroesophageal reflux disease."
Located in Redmond, Wash., EndoGastric Solutions specializes in endoluminal procedures for the treatment of upper gastrointestinal diseases, including gastroesophageal reflux disease and obesity.
| Issuer: | EndoGastric Solutions, Inc.
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| Issue: | Series C preferred stock
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| Amount: | $32 million
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| Investors: | Chicago Growth Partners LLC (lead), MPM Capital, Advanced Technology Ventures, Foundation Medical Partners, Oakwood Medical Investors
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| Announcement date: | Feb. 23
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