News Brief: EndoGastric Solutions, a Seattle area biotechnology company, has raised $30.5 million to scale its commercial efforts. Existing investors Advanced Technology Ventures (ATV), Canaan Partners, Canepa Healthcare, Chicago Growth Partners, CRG, Radius Ventures and Sightline Partners took part in the round, along with a number of unnamed new investors.
The company — led by former Given Imaging and Abbot Laboratories executive Skip Baldino, — said in a statement that the cash will support wider commercialization of its treatment for chronic acid reflux, which is already on the market.
“This round of funding will enable EGS to continue to expand commercial operations and provide the millions of patients suffering from GERD access to the TIF procedure,” said Baldino in a release.
GERD, also known as gastroesophageal reflux disease, is the most common gastrointestinal-related diagnosis, with acid reflux impacting more than 80 million Americans at least once a month, according to estimates.