EndoGastric Solutions (EGS), a Redwood City, CA-based developer of endoluminal procedures for the treatment of upper gastrointestinal diseases, including gastroesophageal reflux disease (GERD) and other GI disorders, has raised $30m in Series F financing.The round was co-led by Canaan Partners and Radius Ventures, with participation from existing investors Advanced Technology Ventures, MPM Capital, Foundation Medical Partners, Chicago Growth Partners, and De Novo Ventures.
According to a press release, the new capital will be used to support the company through profitability.
Commenting on the funding, Thierry Thaure, President and Chief Executive Officer of EndoGastric Solutions, said: “This round of investment will support increasing our commercialization initiatives and expanding our clinical trial initiatives, which include two randomized, controlled clinical trials, one large prospective registry, and approximately 10 investigator initiated studies”.
In conjunction with the investment, Brent Ahrens, General Partner of Canaan Partners, and Kathleen Regan, Venture Partner of Radius Ventures, joined the company’s Board of Directors.
Rockport Ventures advised on the transaction.
FinSMEs
30/08/2010