GERD expert, EndoGastric Solutions® (EGS) has secured $30.5 million in new financing to drive commercial expansion.
EGS describes itself as a leader in incisionless procedural therapy for gastroesophageal reflux disease (GERD). Its Transoral Incisionless Fundoplication (TIF®) procedure for reflux is a minimally invasive endoscopic treatment, performed without the need for external incisions through the skin. The TIF 2.0 procedure offers patients who require an anatomical repair an effective treatment option to correct the underlying cause of GERD. Most patients stop using daily medications to control their symptoms and had their esophageal inflammation (esophagitis) eliminated up to five years after the TIF procedure, based on clinical studies.
The company says it will use its new funds to supplement existing cash balances to continue its commercial expansion of the TIF® procedure in support of its growing physician customer base, while continuing to invest in sustaining engineering to optimize gross margin.
The funding round was led by existing EGS investors Advanced Technology Ventures (ATV), Canaan Partners, Canepa Healthcare, Chicago Growth Partners, CRG, Radius Ventures, Sightline Partners, and several new healthcare investors.
“EGS continues to lay the foundation for success having achieved a number of important commercial milestones in recent months,” said Mike Carusi, General Partner, Advanced Technology Ventures. “The company is very well positioned to continue the acceleration of its growth going forward. ATV and our fellow EGS co-investors are very excited about the company’s prospects to become the leading long-term solution in the treatment of GERD.”
“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,” said Skip Baldino, President and CEO of EndoGastric Solutions. “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 align with the true cost of the TIF procedure and will further the clinical adoption of this important treatment option.”