REDMOND, Wash., Aug. 29 EndoGastric Solutions(TM), theworld leader in natural orifice surgery (NOS), announces that it has completeda $30 million round of private financing. The financing, EndoGastricSolutions' Series D Round, was led by DeNovo Ventures of Palo Alto,California. In connection with the financing, Joe Mandato of DeNovo Ventureswill join the Company's Board of Directors.
EndoGastric Solutions plans to use the proceeds from the financing to fundexpansion of sales and product marketing efforts in support of US sales of theStomaphyX(TM) device, cleared for US sales in March of this year, as well asthe anticipated launch of its EsophyX(TM) device later in 2007. In addition tothe new lead investor, the company's existing investors including ChicagoGrowth Partners(TM), MPM Capital, Advanced Technology Ventures(TM), FoundationMedical Partners(TM), and Oakwood Medical Investors(TM) also participated inthe financing.
Thierry Thaure, EndoGastric Solutions' President and Chief ExecutiveOfficer said, "We are delighted to have the support of a sophisticatedinvestor group like De Novo. Their team brings a unique depth of industryexperience to bear on the exciting challenges that face EndoGastric Solutionsin the upcoming quarters as we transition out of pure new product developmentand clinical trial phases and into building a solid customer base with US andinternational product revenues."
Joe Mandato of DeNovo said, "We believe that EndoGastric Solutions isahead of other companies in this space. The combination of technologicalknow-how, product portfolio, the large underserved targeted populationtogether with the experience of its management team makes EGS an attractiveinvestment opportunity. EGS' innovative products provide significant benefitsto patients because, unlike laparoscopic or open surgical procedures, theyallow for incision-less, less-invasive and less-time consuming procedures."
About EndoGastric Solutions, Inc
EndoGastric Solutions(TM) is a pioneer in Natural Orifice Surgery for thetreatment of gastrointestinal diseases, including GERD and other surgicalapplications in the GI tract. EndoGastric Solutions' mission is to utilize themost current wisdom in gastroenterology and surgery to develop new transoralprocedures and products to address the largest unmet needs in gastrointestinaldiseases. EndoGastric Solutions' technologies involve modifying current opensurgical and/or laparoscopic approaches by using transoral access instead ofabdominal incisions. The company designs and manufactures single-useinstruments that will enable these incision-less solutions, and focuses onclinically based products for use by gastroenterologists and surgeons.
StomaphyX is available in the United States. EsophyX is currently underFDA pre-market notification [510(k)] review and is not currently available inthe U.S. Both devices are CE marked and available in the European Union.
For more information about EndoGastric Solutions, Inc., EsophyX andStomaphyX please visit:
This release was issued through eReleases(TM). For more information,visit http://www.ereleases.com.In the US: http://www.endogastricsolutions.com In the EU: http://www.egseurope.eu Other locations throughout the globe: http://www.egsglobal.net Contact Information: Press Contact: Jason Thompson Marketing Communications Manager 206-218-5982 [email protected]
Investor Relations: Guy Seaton Chief Financial Officer 425-307-3200 [email protected]
US Customer Contact: Larry K Fulton Senior Director of U.S. Sales EndoGastric Solutions, Inc. [email protected]
European Customer Contact: Joan McLoughlin Vice President, Education +32-487-175-933 [email protected]
SOURCE EndoGastric Solutions, Inc.