Apollo Endosurgery Announces $47.6M FinancingProceeds to support launch of a new generation of flexible surgery tools
AUSTIN, TX – February 6, 2012 – Apollo Endosurgery, Inc., a company focused on the development of devices that advance therapeutic endoscopy to enable an entirely new generation of minimally invasive, scarless surgical procedures, today announced a $47.6 million financing. New investors Novo A/S, Remeditex Ventures, and CPMG, Inc. joined existing investors PTV Sciences and H.I.G. BioVentures in this latest round of financing for the Austin-based medical device company.
Proceeds from this financing will be used to support the commercial launch of the second generation OverStitch® Endoscopic Suturing System and other Apollo Endosurgery® flexible surgical tools that allow surgeons and interventional endoscopists to perform numerous procedures without making incisions into the patient’s skin. As part of the financing, Jack Nielsen of Novo A/S, John Creecy of Remeditex and Kent McGaughy of CPMG will join the Apollo Endosurgery Board of Directors.
“Scarless surgery represents the convergence of therapeutic endoscopy and minimally invasive surgery, and we’re confident that Apollo Endosurgery’s OverStitch platform will be the enabling device to truly drive this emerging market,” Novo A/S’s Nielsen said. “We are excited to invest in a company with a vision to dramatically change the field of minimally invasive surgery, thus having a profound impact on patient care.”
“We are pleased to have this strong financial support from both our new and existing investors, which will enable a successful launch of the OverStitch platform and the broader adoption of flexible surgical approaches for numerous medical conditions,” said Dennis L. McWilliams, Apollo Endosurgery President and CEO. “This new financing will enhance Apollo’s leadership position as an innovator and a driving force in advancing this new class of less invasive therapies.”
Apollo Endosurgery’s OverStitch platform combines the flexibility of endoscopy with the precision of surgical suturing, allowing physicians to access, manipulate and suture internal tissue without making incisions through the skin. The platform therefore allows physicians to develop less invasive options for the patient.
Apollo also recently announced the FDA clearance of its SuMO™ platform designed to help surgeons remove large, flat precancerous gastrointestinal lesions and polyps. In general, this new class of flexible surgery procedures may allow patients to benefit from reduced risk of infections and associated complications, no visible scarring and faster recovery times compared to those who undergo more traditional laparoscopic and open procedures.
With the assistance of the Apollo Group, a world renowned flexible endoscopy “think tank” and other top surgeons and gastroenterologists across the globe, these devices are being used to create less invasive approaches to surgery for obesity, early-stage gastrointestinal cancers, and numerous other GI conditions.
About Apollo Endosurgery, Inc.
Apollo Endosurgery, Inc. is dedicated to revolutionizing patient care through the development of flexible surgery, which is emerging from the convergence of laparoscopic surgery and therapeutic endoscopy. Flexible surgery minimizes the trauma of surgical access by taking advantage of natural orifices to deliver surgical tools to targeted areas. All of Apollo’s products are compatible with existing flexible endoscope platforms. Apollo Endosurgery was cofounded with the Apollo Group, a unique collaboration of physicians from the Mayo Clinic, Johns Hopkins University, Medical University of South Carolina, the University of Texas Medical Branch and the Chinese University of Hong Kong. This collaboration resulted in a significant portfolio of patents in the field of flexible endoscopy and minimally invasive surgery that became the foundation of Apollo Endosurgery. The company has also received a grant from the Cancer Prevention Research Institute of Texas.
Apollo Endosurgery, OverStitch and SuMO are either registered trademarks or trademarks of Apollo Endosurgery, Inc. in the US and/or other countries.