Israeli medical technology fund Accelmed has invested $15 million in US acid reflux - heartburn (GERD) treatment developer EndoGastric Solutions, as part of its $45 million Series I financing round. Accelmed is a leading growth capital medical device investor, managed by Uri Geiger and in which Mori Arkin is one of the anchor investors. Accelmed managing partner Uri Geiger is joining EndoGastric's board.
The company intends to use the proceeds from this financing to further accelerate commercialization efforts in support of the growing market demand for its Transoral Incisionless Fundoplication (TIF® 2.0) procedure performed with the EsophyX® device.
"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 (GERD)," said Dr. Geiger. "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. EndoGastric Solutions has an outstanding management team that is well positioned to lead it through its accelerated growth. We welcome the opportunity to support the company and its management in achieving its growth objectives and I am very pleased to join its Board of Directors."
The TIF 2.0 procedure is a minimally invasive endoscopic intervention performed with the EsophyX device, which enables anatomical correction of the gastroesophageal valve without incisions or the attendant complications associated with traditional fundoplication. With more than 22,000 procedures performed worldwide, TIF 2.0 offers patients looking for an alternative to traditional surgery or medication an effective treatment option to treat the underlying anatomical cause of GERD.
"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," said Skip Baldino, President and CEO of EndoGastric Solutions. "We are also very excited to welcome Dr. Geiger to the Board of Directors and believe that his demonstrated track record of success in the medical device industry will help us realize our full commercial potential."
Published by Globes, Israel business news - en.globes.co.il - on May 29, 2019
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