USGI Medical, Inc., a company pioneering incisionless procedures for weight loss, announced the closing of over $19.5 million in financing, bringing the total raised in the last year to $36 million in equity and debt. 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.
USGI Medical is committed to the development of technologies to enable Incisionless Surgery – the treatment of diseases through the natural passageways of the body.
Alta Partners is a San Francisco-based venture capital firm focused on life sciences investing. Founded in 1996, the firm currently manages $2 billion in committed capital through eight venture fund programs. Alta invests in biopharmaceutical and medical technology companies across the development continuum, from company formation to later-stage opportunities, and has funded more than 110 life sciences companies to date.
GE Capital's Healthcare Financial Services (HFS) business is one of the most active capital providers in the U.S. healthcare market, deploying approximately $9 billion in new commitments to customers via 200+ transactions in 2013. That adds up to more than $70 billion in financing over the past 10 years. For the fourth consecutive year, HFS was the top lead arranger by volume and number of transactions completed for all financings under $500 million in U.S. healthcare leveraged finance.