EndoChoice today announced the close of a $57 million preferred equity financing. New investors Deerfield, Ally Bridge Group and Rock Springs Capital joined Sequoia Capital and previous investors in the financing. Proceeds will go toward continued expansion of sales and marketing efforts of the Fuse Full Spectrum Endoscopy platform.
"We are delighted to be able to lead this financing round for EndoChoice," said Steven Hochberg, Partner at Deerfield. "This is a unique opportunity to invest in a company that has a broad range of GI products and services, a track record of seven years of growth, and an exciting, new endoscopy technology that promises to improve clinical outcomes while lowering healthcare cost for payors." Mr. Hochberg will join EndoChoice's Board of Directors as an observer.
EndoChoice is focused on serving the needs of the caregivers who perform gastroenterology procedures around the globe. Since the company began selling its first products in 2008, EndoChoice has continued to add new products, capabilities and technologies to its portfolio. The most recent addition, the Fuse system for visualization of the GI tract, enables a wider field of view for upper and lower endoscopy procedures. The Fuse colonoscope uses three cameras to provide GI specialists with a 330 degree field of view as compared to the 140 to 170 degree field of view provided by standard colonoscopes, while the Fuse gastroscope uses two cameras to provide a 245 degree field of view as compared to the 150 degree field of view provided by standard gastroscopes.
"Every day we hear from our GI customers about the positive impact Fuse is having for their patients," said Mark Gilreath, Founder and CEO at EndoChoice. "We are well positioned to expand our promotional and product development efforts to ensure that more patients around the world will benefit from this potentially life-saving technology."