Redmond’s EndoGastric Solutions (EGS), a leader in incisionless procedural therapy for gastroesophageal reflux disease (GERD), announced that it has secured additional new financing of up to $50 million, led by CRG (formerly Capital Royalty L.P.) and existing EGS investors including Advanced Technology Ventures, Canaan Partners, Chicago Growth Partners, Foundation Medical Partners and Radius Ventures.
“EGS has demonstrated that the strong data and dramatic shifts in healthcare economics support increased access to their proprietary TIF procedure using EsophyX technology,” said Charles Tate, chairman of CRG. “Our investment in their business will support growth and build substantial value in the company.”
EGS plans to use proceeds from the financing to begin broad-scale commercialization, as well as making further R&D investments in next generation products used in their TIF procedure.
“Now that significant clinical data and reimbursement hurdles have been addressed, it is time to focus incremental resources into expanding access to millions of chronic GERD sufferers who could benefit from our TIF procedure,” said Skip Baldino, president and CEO of EndoGastric Solutions. “We are pleased to have the confidence of CRG, an investment partner renowned for its strategic investments in health care, as well as our long-term investors supporting our commercialization plans.”
EGS recently announced the Federal Register has posted coding and payment information specific to the new Current Procedural Terminology (CPT), allowing patients to more easily receive access to treatment for GERD. Physicians and hospitals will be able to reference CPT Code 43210 EGD esophagogastric fundoplasty and APC 5331 Complex GI Procedures for TIF procedures as of Jan. 1, 2016.