Oversubscribed financing led by strategic investor, with participation from new and existing investors MINNEAPOLIS , June 25, 2024 /PRNewswire/ -- Endogenex, a clinical-stage medical device company dedicated to improving outcomes in individuals with type 2 diabetes, announced it has closed an oversubscribed Series C financing totaling $88 million . The new capital will be used to complete the pivotal ReCET Clinical Study, which has been granted an Investigational Device Exemption (IDE) by the U.S.
Food and Drug Administration (FDA). A group of new investors, including Hatteras Venture Partners, Lumira Ventures, and Orlando Health Ventures, joined an undisclosed strategic lead investor and existing investors Intuitive Ventures, Longitude Capital, Mayo Clinic, and Santé Ventures in the Series C funding. "We are excited to take this significant step forward in our mission to transform diabetes care," said Stacey Pugh , CEO of Endogenex.
"This funding will enable us to complete our pivotal clinical study, bringing us closer to offering a groundbreaking solution for type 2 diabetes patients. The therapeutic landscape in diabetes continues to evolve, especially around the earlier use of SGLT2i and GLP-1RA. However, there remains a considerable unmet need to address the underlying pathophysiology and progression of the disease.
" "We are very proud of the company's progress, and this successful funding round is a testament to Endogenex's innovative technology," said Juliet Tammenom.
