Apollo Endosurgery secures $47.6M to launch surgical tools
Austin-based Apollo Endosurgery, which is developing flexible surgical tools for minimally invasive, scarless surgery, has scored a major haul, raking in $47.6 million in financing. The company says it will use the proceeds to support the commercial launch of the second-generation OverStitch endoscopic suturing system and other flexible surgical tools.
The financing came from new investors Novo A/S, Remeditex Ventures, and CPMG, who joined previous participants PTV Sciences and H.I.G. BioVentures.
Apollo's devices fit onto standard flexible endoscopes and allow doctors to cut and sew tissue from inside the gastrointestinal tract, the Austin American Statesman notes. The company's offerings can be used in bariatric surgery--as well as procedures related to bowel perforations and gastrointestinal bleeding--without creating external scars.
"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 Jack Nielsen says in a statement. "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."
Apollo recently obtained FDA clearance--its first--for its SuMO platform, which helps surgeons remove large, flat precancerous gastrointestinal lesions and polyps. And the company is looking to expand potential uses for its devices, including surgery for obesity, early-stage gastrointestinal cancers, and numerous other GI conditions.