GE Capital Healthcare Agents USGI Debt Financing
USGI Medical closed more than $19.5 million in financing. Existing investors contributed the equity portion of the financing, while GE Capital, Healthcare Financial Services agented the senior secured debt facility with East West Bank participating as a syndicate partner.
This funding provides USGI with the capital resources to extend the commercial launch of POSE (Primary Obesity Surgery, Endolumenal) in Europe and the Middle East and begin pre-commercialization activities for the procedure in the U.S., as the company completes the follow-up phase of its U.S. pivotal study known as ESSENTIAL, and prepares to submit an application to FDA for approval. This money will also fund the crossover study as part of the ESSENTIAL trial, health economics research and several important studies in Europe.
“This infusion of capital represents a very important milestone for USGI,” said Scott Moonly, President and CEO, USGI Medical, Inc. “This positions us to expand further in Europe and the Middle East and launch our technology into new markets. In the U.S., we are actively working with the ESSENTIAL trial investigational sites to offer the POSE procedure to crossover patients who initially underwent a sham procedure as part of the protocol. We are collecting follow-up data from the study and preparing the documentation and information that will be needed for submission in a regulatory package to the Food and Drug Administration. We would like to thank our investors for their long-term support as we work to offer overweight patients struggling with diet and exercise and who don’t want surgery, a non-invasive treatment option.”
“USGI Medical has developed a compelling solution that has the potential to address a significant unmet need in the growing, multibillion-dollar weight loss market. For every surgical patient in the U.S., there are 100 or more overweight or obese Americans on the sidelines today with no realistic option. The key to unlocking this market is an intervention that is a simple, outpatient procedure that offers a positive risk/cost/benefit proposition,” said Guy Nohra, Chairman of the Board of USGI and Managing Director of Alta Partners. “We founded USGI in our offices and are excited to see the company entering this new phase of accelerated commercial penetration into the EMEA as they also prepare for a potential launch of this important and game-changing procedure in the U.S.”
USGI Medical develops technologies to enable Incisionless Surgery – the treatment of diseases through the natural passageways of the body.