AscentX Medical Receives Coveted Grant From European Union (EU)
The MedTech company was selected to receive funding in support of a first-to-market procedure to cure Gastroesophageal Reflux Disease (GERD)
SAN DIEGO, Sept. 17, 2019 /PRNewswire/ -- AscentX Medical, Inc., a U.S. medical technology company focused on the clinical development of globally-impactful least-invasive medical treatment procedures, has been selected for the SME Instrument grant (Phase I) in the amount of €50,000 from the EU under its highly-selective Horizon 2020 initiative. The SME Instrument provides financing and strategic management support to select disruptive, globally-ambitious innovation leaders with high-growth potential. The combined grant disbursement for Phases I and II totals up to €5 million for individual healthcare projects if goals are met.
AscentX Medical is currently in clinical-stage development of a novel, curative outpatient procedure for chronic GERD with the goal of bringing to market a proprietary endoscopic injection treatment to reinforce the lower esophageal sphincter (LES) muscle with its permanent G125 soft tissue bulking technology. Pre-clinical testing of G125 has been completed successfully, and now the company is preparing to conduct a human clinical trial in Europe. If clinical outcomes establish long-term safety and efficacy, the G125 treatment is likely to be adopted by gastroenterologists worldwide.
GERD is one of the most common gastrointestinal disorders affecting 1:5 adults in the EU and the U.S., including approximately 40 million daily sufferers. The annual financial burden of GERD on both healthcare systems is estimated at over $40 billion. Proton Pump Inhibitor (PPI) drugs are merely symptomatic and have shown growing evidence of severe side effects - including a 20% increased risk of premature death after more than 2.5 years of daily use, and a potentially higher risk of developing esophageal cancer due to a shift in the chemical makeup of the refluxate. Surgical procedures, such as laparoscopic gastric fundoplication, cost upwards of $25,000, require anesthesia and hospitalization, are irreversible, and have presented mixed results.
"There is a real need for a safe, cost-effective cure for GERD in light of mounting evidence of severe side effects caused by long-term use of PPIs," said AscentX Medical Founder & CEO Stefan Lemperle, M.D., Ph.D. "GERD significantly reduces patients' quality of life, and the associated direct and indirect costs are staggering. The SME Instrument allows us to advance our G125 technology clinically, and we believe it meets all requirements to evolve into a first-line treatment and eliminate the need for lifelong medication."
About AscentX Medical
AscentX Medical, Inc. is a San Diego, California-based, privately-held medical technology company with a wholly-owned European subsidiary, AscentX Medical Europe Ltd., incorporated in London, UK. The company is focused on the development of least-invasive, curative outpatient treatments to improve the quality of life of the growing aging population. The company was founded by the original team that invented ArteFill® - the first and only U.S. FDA-approved permanent injectable wrinkle and acne scar filler - to clinically advance its technology platform consisting of injectable polymethylmethacrylate (PMMA)-collagen implants for permanent soft tissue augmentation. AscentX Medical's primary focus is on the clinical testing of G125, specifically developed as an outpatient, cost-effective, and curative treatment for GERD. For more information, visit ascentxmedical.com.
About the SME Instrument
With approximately €3 billion in funding over 2014-2020 under the EU's Horizon 2020 initiative, the SME (small to medium enterprise) Instrument supports high-potential innovators with equity-free and non-dilutive funding during a crucial point in their development – from the early stages to market introduction. Its focus is on fostering business opportunities that will shape new markets and generate jobs, economic growth, and higher standards of living. Companies applying for the SME Instrument are assessed exclusively on their business and innovation merit, and are required to demonstrate that there is a market for their innovation as well as potential customers willing to pay for it. The SME Instrument Phase I grant is awarded to just 8% of more than 3,000 applicants, with less than 5% percent of all recipients advancing into Phase II. For more information, visit ec.europa.eu.
CORPORATE MEDIA CONTACT:
Carey Burgess Laing
Cary Laing PR for AscentX Medical, Inc.
315.382.0562 / [email protected]
SOURCE AscentX Medical, Inc.
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