Press Release: Endo Tools Therapeutics secures €8 million ($9.5M) in Series D funding led by White Fund
Developing innovative, minimally invasive medical devices for gastroenterologists, company plans to seek regulatory clearance in the US and reimbursement in European countries
Gosselies, Belgium, January 19, 2021 – Endo Tools Therapeutics (ETT), developers of advanced endoscopic medical devices for use by gastroenterologists, today announces the closing of a Series D funding round of €8 million ($9.5M), led by White Fund. The transaction is supported by new private investors and the existing investors (FPIM-SFPI, Epimède, Chagral Invest and private investors).
ETT will use the Series D funding to submit a regulatory marketing submission for its medical devices to the Food and Drug Administration (FDA) in the US for soft tissue approximation. ETT also intends to seek further reimbursement within the EU. Lastly, the funding will help to continue R&D efforts into new products and indications, collate evidence on device capabilities, develop a network of centres of excellence and grow and strengthen the organization.
“With the device’s clinical performance – as outlined in published results by users in the EU over the last few years – we believe that our technology ideally fits patients’ treatment pathways. Endo Tools Therapeutics affixed the CE mark to its first medical devices in the EU in 2015. Future FDA clearance will enable us to expand our coverage into the US market and seek wider adoption by healthcare professionals,” said Alexandre Chau, CEO of Endo Tools Therapeutics.
Michel Baijot, chairman of White Fund, commented: “We are very pleased to lead this financing round involving FPIM-SFPI, Epimède, Chagral Invest and other private partners and to count Endo Tools Therapeutics as a White Fund investment. Endo Tools Therapeutics’ innovative technology could lead to changes in clinical practice. We believe that with the product in development, the impact on patients, the team in place and the market, this will translate into substantial economic value.”
About White Fund
White Fund is an early-stage private equity fund entirely dedicated to the medical device sector. The financial strength of the fund is €20 million ($24.3M). Objective: to finance about ten of the most promising medtech projects. The targets are ‘early-stage’ companies, with at least a proof of concept of their technology and objective market traction indicators. White Fund aims to support the pre-commercialization stages of projects and the start of sales, with an exit target of five to seven years. The geographical scope of the investment is Belgium, without excluding the possibility of opportunities in neighbouring areas.
About Endo Tools Therapeutics
Located in Gosselies, Belgium, Endo Tools Therapeutics S.A. (ETT) mission is to develop advanced, incisionless, minimally invasive medical devices for gastroenterologists to use with standard endoscopes.
The company targets indications that cannot be performed with standard gastroscopes, such as endoscopic suturing and tissue apposition, which can be used in a variety of procedures in the digestive tract such as bariatric interventions, Gastroesophageal Reflux Disease (GERD) or Endoscopic Full Thickness Resection (EFTR). Minimally invasive treatments can reduce hospitalization duration and aim to improve patient comfort. Results of bariatric procedures performed within studies with its soft tissue apposition devices were published in GIE in 2017, in Endoscopy in 2018 and in Gut in 2020. More than 400 procedures (in the EMEA region) have already been performed with the company’s devices. ETT is a spin-off from the Université Libre de Bruxelles, Belgium.