Endogastric Solutions raises $30M for new medical technique |
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Endogastric Solutions raises $30M for new medical technique
EndoGastric Solutions has raised $30 million, money that the company will use to continue pioneering work in the field of natural orifice surgery. That's an emerging technique in which medical devices are passed through the mouth or other orifices in order to avoid incisions in the abdominal area. The company, with operations in Redmond and Redwood City, California, said that the new cash infusion will support it through profitability.
Canaan Partners and Radius Ventures co-led the round, with Advanced Technology Ventures, MPM Capital, Foundation Medical Partners, Chicago Growth Partners and De Novo Ventures also participating.
“Our technology offers significant clinical, economic and strategic benefits to our hospital and surgeon customers," said Thierry Thaure, president and CEO of the company. "Over the past two years, the EsophyX and StomaphyX product platforms have been embraced with a high level of enthusiasm by the surgeon community, resulting in 100% revenue growth and 150% utilization growth in 2009 and thus far in 2010."
The EsophyX device is used to treat chronic gastroesophageal reflux disease, also known as GERD.
With the new funding, EndoGastric Solutions has raised close to $110 million. The company was founded in Redmond in 2003, but moved its headquarters to Redwood City in 2008.
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