Torax Medical has completed a $30m Series D funding round led by Piper Jaffray Merchant Banking, which also received participation from Sanderling Ventures, Thomas, McNerney & Partners, Accuitive Medical Ventures, Kaiser Permanente and Mayo Medical Ventures.
The proceeds will be used to expand commercialisation efforts for the company’s family of sphincter augmentation products, the company said in a statement.
Torax’s lead product, the LINX Reflux Management System, is a surgical treatment of Gastroesophageal reflux disease.
LINX was approved by the US Food and Drug Administration (FDA) in March following a unanimous recommendation by an FDA advisory review panel.
“We believe there is a tremendous market opportunity for a more effective treatment of reflux disease,” said Tom Schnettler, a managing director at Piper Jaffray Merchant Banking.
“This is a condition which has huge quality of life impacts on millions of patients and also puts many patients at risk for serious disease progression, including cancer.
“Given the LINX System’s extensive clinical trials, which demonstrated very significant patient benefits, we think payers and providers will support patient access to this treatment option,”
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