COLUMBUS, Ohio, June 1, 2011 /PRNewswire/ — EndoSphere Inc., a
medical technology company developing a platform of endoscopically
implantable devices for the treatment of metabolic diseases,
including obesity and type 2 diabetes, announced today the
completion of a highly oversubscribed Series A Preferred Financing
round led by Broadline Capital, a global private equity investment
firm. EndoSphere Inc., which holds 23 U.S. and international
issued and pending patents, will use the funding to expand its
intellectual property assets and to complete additional clinical
product testing.
“EndoSphere is extremely fortunate to align itself with
Broadline Capital, which offers a rare blend of global financial
expertise and pragmatic operating experience,” said James McKinley,
EndoSphere CEO.
Broadline Capital was formed in 2005 by Christopher Thorne, an
early pioneer in China’s private equity industry and former
management consultant at McKinsey & Company. Thorne
previously founded and developed a software technology company that
created efficiency gains for manufacturers, distributors and
retailers in the trillion-dollar food and beverage, consumer
packaged goods and retail supply chains. The resulting
company sold to institutional investors at a nine-figure enterprise
valuation in 2007.
“An investment in EndoSphere presented us with a unique
opportunity to invest in, and support, an exciting portfolio of
intellectual property assets and a highly experienced management
team,” said Thorne. “EndoSphere’s technology brings an innovative
approach to treating obesity, which has become one of the largest
health problems worldwide.”
The company is planning a multi-center clinical trial while
continuing its research and development of innovative and
profitable applications.
“With the support of this financing, EndoSphere is poised to
fulfill the potential of the technology and the expectations of the
investors,”
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