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 LES Stimulation Therapy for GERD
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.”
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.