The Washington-based company has not yet publicly stated what it plans to do with its newly-acquired funds. EndoGastric Solutions sells a device designed to reconstruct the gastroesophageal valve and restore the valve’s function as a reflux barrier for people with severe gastroesophageal reflux disease.

The system, called EsophyX, is deployed transorally, resulting in an incision-less fundoplication. EndoGastric Solutions’ first version of the EsophyX device won FDA clearance in 2007 and the third-generation Z model launched in 2015.

The EsophyX device uses approximately 20 biocompatible fasteners to create a 2-3 cm, 270° esophagogastric fundoplication. A video endoscope is attached to the device, enabling direct visualization throughout the transoral incision-less fundoplication, or TIF, procedure.

Both TIF and traditional antireflux surgery aim to restore the functions of the interface between a person’s esophagus and the stomach by wrapping the upper portion of the stomach, either partially or completely, around the esophagus. But EndoGastric Solutions reports that its device yields a faster recovery than antireflux surgery since there is no internal cutting of the anatomy. The company also touts that the EsophyX device results in fewer adverse events and complications than conventional surgery.

The company’s Z+ device, which launched last year, allows for a broader selection of endoscopes to be used.

In November last year, EndoGastric Solutions touted that new Medicare Administrative Contractors Noridian Health Care Solutions and National Government Services were granted reimbursement access for the transoral incision-less fundoplication procedure using its Esophyx device.