EndoGastric Solutions, a medical technology company focused on acid reflux, has closed a $45 million financing round to grow the reach of its non-invasive treatment. The Series I round includes $30.5 million in funding that was announced last summer as well as a $14.5 million investment from Accelmed, a medical device investor.
The company has raised around $300 million since launching in 2003, according to PitchBook data. Prior investors include Advanced Technology Ventures (ATV), Canaan Partners, Canepa Healthcare, Chicago Growth Partners, CRG, Radius Ventures and Sightline Partners, among others.
The company is targeting GERD, also known as gastroesophageal reflux disease, which is a severe and chronic form of acid reflux. More than 60 million Americans experience acid reflux at least once a month, according to the American College of Gastroenterology.
EndoGastric has developed a procedure called TIF 2.0 as well as a proprietary device that corrects the root cause of GERD without surgery. The company has so far performed the procedure on 22,000 patients.
“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,” EndoGastric CEO Skip Baldino said in a statement. Baldino was formerly an executive at Given Imaging and Abbott Laboratories.
As a result of the new investment, Accelmed co-founder Dr. Uri Geiger has joined the EndoGastric board of directors.
“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,” Geiger said.