Aqua Medical Secures Series B Funding to Advance U.S. Pivotal Trial for Novel Through-the-Scope Type 2 Diabetes Procedure

Led by Relevance Ventures, the funding will support the completion of Aqua Medical's ongoing U.S. RESTORE-1 pilot study evaluating its investigational PIMA procedure for Type 2 diabetes while funding operational preparations to initiate a planned U.S. pivotal trial.

PLEASANTON, Calif., Sept. 24, 2026 /PRNewswire/ -- Aqua Medical, Inc., a clinical-stage medical technology company advancing Endoscopic Metabolic Restoration for the treatment of Type 2 diabetes, today announced the closing of a Series B financing led by Nashville, TN-based Relevance Ventures. Capital from the financing will support the completion of Aqua Medical's ongoing U.S. RESTORE-1 pilot study and fund operational preparations to initiate a planned U.S. pivotal trial evaluating its investigational Proximal Intestinal Mucosal Ablation (PIMA) procedure for Type 2 diabetes, subject to regulatory authorization.

For decades, Type 2 diabetes care has centered almost exclusively on daily pharmaceutical management and invasive surgery. However, with diabetes affecting 589 million people globally and driving over $1 trillion in annual healthcare expenditures, including $327 billion in the United States alone, the mounting clinical and financial burden is driving demand for new therapeutic approaches. Endoscopic Metabolic Restoration has emerged to fill this critical gap, offering a minimally invasive, through-the-working-channel-of-the-endoscope alternative designed to target metabolic pathways directly.

The Aqua Medical Radiofrequency Vapor Ablation System is FDA-cleared for ablation in the gastrointestinal tract, including Barrett's esophagus. The PIMA procedure for type 2 diabetes is investigational and is currently being evaluated under an FDA-approved IDE clinical study. PIMA is delivered seamlessly through the working channel of a standard endoscope to treat targeted mucosa in the proximal small intestine. Aqua Medical is now actively working to advance this technology to benefit patients with Type 2 diabetes. Outside the U.S., Aqua Medical has already treated 66 patients, with prior studies showing that patients may become insulin-free following PIMA treatment. Building on this international success, four patients have already undergone the procedure under an active FDA Investigational Device Exemption (IDE) in the U.S., and this Series B funding will support operationalization and patient recruitment for the company's larger U.S. RESTORE-1 clinical trial.

"We are pleased to welcome Relevance Ventures as the lead investor in this financing and Dean Newton to our Board of Directors," said Bob Haggerty, President and CEO of Aqua Medical. "This support will help advance our U.S. clinical program and build the evidence needed for the next stage of Endoscopic Metabolic Restoration for Type 2 Diabetes."

"Type 2 diabetes remains a massive global health challenge," said Dean Newton, Chairman, General Partner, and General Counsel of Relevance Ventures. "We are pleased to support Aqua Medical as it evaluates an investigational endoscopic approach that has the potential to transform how this disease is treated."

With enrollment actively advancing across all trial sites, Aqua Medical remains focused on generating robust clinical data to support its next regulatory milestones. By advancing PIMA through rigorous U.S. trials, the company aims to validate its platform and establish Endoscopic Metabolic Restoration as a practical, scalable option within interdisciplinary diabetes care.

About Aqua Medical

Aqua Medical is a clinical-stage medical technology company advancing a minimally invasive, through-the-working-channel-of-the-scope technology to address Type 2 diabetes. Using its proprietary radiofrequency vapor ablation (RFVA) system for the Proximal Intestinal Mucosal Ablation (PIMA) procedure, the company aims to deliver a scalable, device-based approach intended to address mechanisms associated with Type 2 diabetes and potentially improve metabolic outcomes.

The RFVA system is FDA-cleared for marketing for its indicated use in the gastrointestinal tract. Use of the RFVA system for the PIMA procedure is investigational. The safety and effectiveness of the RFVA system for the PIMA procedure have not yet been established.

Patients interested in learning more about Aqua Medical's technology and ongoing clinical efforts are encouraged to reach out to the company or consult with their physicians.

About Relevance Ventures

Relevance Ventures is the nation's first independently owned Native American venture capital firm, based in Nashville, TN. Operating with a prevention-first investment strategy, the firm targets early-growth stage companies across digital health, personal health, community health, and financial health, as well as scalable technologies that address systemic challenges. For more information, visit www.relevanceventures.com.

Forward-Looking Statements

This press release contains forward-looking statements regarding Aqua Medical's investigational technology, clinical development activities, and future expectations. Actual results may differ materially.

Media Contact: 

Dr. Aradhana Mariam Philips
[email protected]

SOURCE Aqua Medical Inc.