Endogenex, a pioneering clinical-stage medical device company dedicated to transforming diabetes care, has successfully closed an oversubscribed Series C financing round, raising a remarkable $88 million. This substantial funding boost will propel the company towards completing its pivotal ReCET Clinical Study, a critical step in bringing their innovative ReCET™ System to market for patients suffering from type 2 diabetes.
The financing round was led by a strategic investor alongside notable contributions from new investors such as Hatteras Venture Partners, Lumira Ventures, and Orlando Health Ventures, underscoring strong industry confidence in Endogenex’s vision and technological prowess. Existing investors including Intuitive Ventures, Longitude Capital, Mayo Clinic, and Santé Ventures also participated, further validating the company’s transformative potential in diabetes treatment.
Stacey Pugh, CEO of Endogenex, expressed enthusiasm about the milestone, stating, “We are thrilled to advance our mission of revolutionizing diabetes therapy with this significant funding. It will enable us to complete our pivotal clinical study, bringing us closer to offering a groundbreaking solution for type 2 diabetes patients.”
The ReCET Clinical Study, a multicenter, prospective, randomized, double-blinded, sham-controlled trial, has already received Investigational Device Exemption (IDE) approval from the FDA. This pivotal study aims to assess the safety and efficacy of the ReCET System, which targets the cellular pathology of the duodenum implicated in the development and progression of type 2 diabetes.
The ReCET System employs a novel, endoscopic outpatient procedure utilizing non-thermal pulsed electric fields to stimulate regenerative processes in duodenal tissue. This approach holds promise in restoring proper cellular signaling and improving metabolic function, potentially leading to better control of blood glucose levels in diabetic patients.
Juliet Tammenoms Bakker, Endogenex Board Chair and Managing Director at Longitude Capital, emphasized the significance of the funding round, stating, “This successful financing underscores our investors’ confidence in Endogenex’s innovative technology and its potential to address the significant unmet needs in diabetes treatment.”
Endogenex’s ReCET System has garnered attention for its promising outcomes in feasibility studies conducted globally, including REGENT-1 in the US, REGENT-1 in Australia, and EMINENT in the Netherlands. These studies have demonstrated the system’s safety and efficacy in patients with poorly controlled blood glucose levels, despite conventional medications.
The ReCET System has also received a coveted FDA Breakthrough Device Designation, highlighting its potential to provide substantial clinical benefits in managing type 2 diabetes.
Founded in partnership with Mayo Clinic, Endogenex remains committed to reshaping treatment options for individuals with type 2 diabetes. By harnessing the body’s natural regenerative capabilities, the company aims to redefine metabolic therapy and empower patients to regain control over their health.
For more information on Endogenex and its innovative approach to diabetes care, please visit www.endogenex.com.
