EndoStim Secures $25 Million in Funding to Expand Commercialization Efforts and Conduct a Pivotal U.S. Clinical Trial
NIJMEGEN, The Netherlands and ST. LOUIS, May 12, 2016 /PRNewswire/ -- EndoStim, Inc., a medical device company that has developed neurostimulation therapy for gastroesophageal reflux disease (GERD), today announced it has completed a Series D financing round of $25 million. Endeavour Vision, an internationally recognized investor in healthcare and technology companies, led the round, with participation from existing investors, led by Santé Ventures. New investors Wellington Partners and Gimv completed the syndicate.
"Hundreds of millions of patients worldwide suffer from GERD, and many are not optimally treated with long-term proton pump inhibitor medication," said Doug French, managing director of Santé Ventures and chairman of EndoStim's Board of Directors. "We believe EndoStim is perfectly positioned to address the therapy gap that exists for patients with severe reflux, which is why we are very excited to welcome such an experienced group of new investors to the EndoStim team."
EndoStim has developed a unique, minimally-invasive implantable device designed to provide long-term reflux control by restoring normal esophageal function through low-energy personalized neurostimulation. The therapy directly targets the patient's weak or dysfunctional lower esophageal sphincter (LES) muscle between the stomach and the esophagus, often the underlying cause of reflux. Two long-term clinical trials and an ongoing international patient registry continue to demonstrate successful control of abnormal acid in the esophagus and significant improvement in patient quality of life through up to four years of follow-up with an excellent safety profile.
The Series D financing will support expanded commercialization efforts for EndoStim's minimally-invasive GERD therapy outside the United States; a randomized sham-controlled pivotal trial in the United States; and the development of next generation devices.
"Endeavour Vision is proud to partner with EndoStim, which has created a truly revolutionary, minimally-invasive therapy that provides long-term control of esophageal acid exposure, while avoiding the risk of side effects that is common with traditional anti-reflux surgery," said Alexander Schmitz, who recently joined the EndoStim board representing Endeavour Vision. "We are confident that EndoStim will ultimately become a standard of care in GERD treatment in the U.S. and worldwide."
About EndoStim
EndoStim is a medical device company based in St. Louis, Missouri, and Nijmegen, The Netherlands, developing and commercializing a revolutionary treatment for GERD. The EndoStim system is CE Marked for patients with gastro-esophageal reflux disease with symptom duration of six months or longer, and is available in a number of countries throughout Europe, Latin America, and Asia Pacific. The EndoStim system is not approved for sale in the US and is limited by US federal law to investigational use only. For more information, visit www.endostim.com.
About Endeavour Vision
Endeavour Vision is an internationally recognized investor in healthcare and technology companies. The team, which partners successful investment professionals with world-class industry veterans, has executed more than 65 investments within its focus verticals. With the recent closing of the Endeavour Medtech Growth Fund, Endeavour Vision is advising one of the largest funds dedicated to helping medical technology companies in Europe and the US to accelerate their global growth and market leadership. For more information, visit www.endeavourvision.com.
About Santé Ventures
Santé Ventures is a life sciences venture capital firm that invests exclusively in early-stage companies developing innovative new medical technologies or healthcare delivery models. The firm was founded in 2006 and has $280 million in capital under management in two funds. For more information, visit www.santeventures.com.
About Gimv
Gimv is a European investment company with over three decades experience in private equity and venture capital. The company is listed on Euronext Brussels. Gimv currently manages around 1.8 billion EUR (including co-investment partnerships) of investments in about 50 portfolio companies.
As a recognized market leader in selected investment platforms, Gimv identifies entrepreneurial and innovative companies with high-growth potential and supports them in their transformation into market leaders. Gimv's four investment platforms are: Connected Consumer, Health & Care, Smart Industries and Sustainable Cities. Each of these platforms works with a skilled and dedicated team across Gimv's home markets of the Benelux, France and Germany and can count on an extended international network of experts. More information on Gimv can be found on www.gimv.com.
About Wellington Partners
Wellington Partners is among the most successful pan-European Venture Capital firms. With more than € 800 million under management and offices in Munich, London and Zurich, Wellington Partners invests in start-up companies throughout Europe that have the potential to become global leaders in the areas of digital media, resource efficiency and life sciences. Since 1998, Wellington Partners has invested in more than 100 companies, including publicly listed firms like Actelion, Evolva, Genticel, Oxford Immunotec, Supersonic Imagine, Wavelight (acquired by Alcon) and Xing as well as privately held companies like AyoxxA, Definiens (acquired by Medimmune), Grandis (acquired by Novartis), G-Therapeutics, ImevaXx, immatics, Immobilienscout24 (acquired by Deutsche Telekom), invendo medical, MPM Medical, MTM Laboratories (acquired by Roche), NEUWAY Pharma, Oxagen/Atopix, Quanta, Rigontec, Sapiens (acquired by Medtronic), Sensimed, Symetis, Spotify and Themis. For further information, please visit www.wellington-partners.com.
For more information, please contact:
Eileen Ke
[email protected]
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SOURCE EndoStim
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