By Jennifer Chiou
New York, June 28 - Torax Medical Inc. said it has completed a $10 million series B round of financing led by Thomas, McNerney & Partners.
Investors also included Sanderling Ventures and Mayo Medical Ventures.
Proceeds will be used to complete pre-clinical testing of Torax Medical's new implant for treating gastroesophageal reflux disease (GERD) - commonly known as acid reflux - initiate clinical trials and hire additional employees.
Chronic acid reflux affects an estimated 20 million people in the United States alone.
"We believe our proprietary technology has the potential to correct the underlying defect of GERD and help millions of the people who suffer from this disease," said Todd Berg, Torax Medical's co-founder,
president and chief executive officer, in a news release.
"Our objective is to provide a measurable cure for this high health-risk condition in a way that is minimally invasive to the patient."
Torax Medical also added Peter McNerney, managing partner at Thomas, McNerney & Partners, to its board of directors.
Previously, Torax Medical raised $3.5 million in a series A financing from Sanderling Ventures and Mayo Medical Ventures.
Maple Grove, Minn.-based Torax Medical is a clinical-stage medical device company focused on digestive diseases.
| Issuer: | Torax Medical Inc.
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| Issue: | Preferred stock
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| Round: | Series B
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| Amount: | $10 million
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| Investors: | Thomas, McNerney & Partners (lead); Sanderling Ventures, Mayo Medical Ventures
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| Announcement date: | June 28
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