EndoGastric Solutions (EGS) today announced the closing of a $21.5 Million Series E financing. The funding will be used to support an expanding commercial presence for the company’s market-leading Natural Orifice Surgery (NOS) platform, which includes the EsophyX and StomaphyX surgical devices.
“The company is excited to receive the growth capital necessary to further the NOS market,” commented Thierry Thaure, President and Chief Executive Officer of EGS. “2009 has been a transformational year for the company, as we have more than doubled our revenue, case volume and commercial employee base. With the scale gained through our recent expansion, we anticipate acceleration of our revenue growth in 2010.”
Over the past 6 months, EGS has increased its sales and marketing organization to support 30 territories nationwide, and to include a complete marketing, training and reimbursement team.
“To date, EGS’ commercial team has supported over 3,000 NOS procedures worldwide using the company’s products,” continued Thaure. “We aim to double this number in 2010. Our procedures are performed at over 100 hospitals in the U.S., where incisionless surgery programs and heartburn centers are emerging as top initiatives. By using our products to attract significant numbers of patients for incisionless surgery and other treatments, our hospital customers are improving patient care and growing the number of procedures they perform.”
The $21.5 million Series E Round was led by current investors.
Mike Carusi, General Partner at Advanced Technology Ventures and an EGS Board Member, commented, “This financing is a clear indication of the support and enthusiasm shared by the current investor group for the procedures and products EndoGastric Solutions is developing. We are confident that this additional funding, raised in a very challenging economic environment, will help to further accelerate the commercialization of the company’s incisionless surgery products.”
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