August 29, 2007 — EndoGastric Solutions, a leader in natural orifice surgery (NOS), announced it has completed a $30 million round of private financing to fund expansion of sales in the U.S. of the StomaphyX device, cleared for U.S. sales in March, and the anticipated launch of its EsophyX device later in 2007.
The financing, EndoGastric Solutions' Series D Round, was led by DeNovo Ventures of Palo Alto, CA. In connection with the financing, Joe Mandato of DeNovo Ventures will join the company's Board of Directors.
In addition to the new lead investor, the company's existing investors including Chicago Growth Partners, MPM Capital, Advanced Technology Ventures, Foundation Medical Partners, and Oakwood Medical Investors also participated in the financing.
"We are delighted to have the support of a sophisticated investor group like De Novo,” said Thierry Thaure, EndoGastric Solutions' president and CEO. “Their team brings a unique depth of industry experience to bear on the exciting challenges that face EndoGastric Solutions in the upcoming quarters as we transition out of pure new product development and clinical trial phases and into building a solid customer base with U.S. and international product revenues."
"We believe that EndoGastric Solutions is ahead of other companies in this space,” said Joe Mandato of DeNovo. “The combination of technological know-how, product portfolio, the large underserved targeted population together with the experience of its management team makes EGS an attractive investment opportunity. EGS' innovative products provide significant benefits to patients because, unlike laparoscopic or open surgical procedures, they allow for incision-less, less-invasive and less-time consuming procedures."
For more information: www.endogastricsolutions.com.