Mederi Therapeutics Inc., a Greenwich, Connecticut-based manufacturer of medical devices that use radiofrequency energy to treat diseases of the digestive system, closed a $18.5m Series B preferred stock and venture debt financing.
Backers included Acadia Woods Partners, LLC, Respiratory Diagnostics Inc., a subsidiary of Bio-Rad Laboratories, Inc., as well as a group of high net worth equity investors.
Venture debt was provided by Horizon Technology Finance.
Led by Will Rutan, CEO, Mederi provides the Stretta therapy for Gastroesophageal Reflux Disease (GERD) and the Secca therapy for Bowel Incontinence, which are minimally invasive treatments that use radiofrequency (RF) energy to remodel muscles controlling the entry and exit of the human digestive system.
The company intends to use the funds to expand adoption of its therapies.