EndoSound Announces Initial Closing of its Series A Financing

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EndoSound Inc., a privately held medical device company developing an endoscopic ultrasound platform to diagnose and treat diseases of the gastrointestinal tract, today announced the initial closing of its Series A round financing.

The round is being led by GEO Medtech Venture Fund, a leading healthcare venture capital firm that invests in transformative medical technology, and health solutions companies seeking to improve clinical outcomes, enhance quality of life, and drive efficiency of healthcare delivery.

The financing will support EndoSound’s ongoing research and development and preparations for commercial launch.

The EndoSound Vision System (EVS) is designed to eliminate the financial burden of expanding access to care for patients who require an endoscopic ultrasound (EUS) procedure.  By attaching the EVS Transducer to a standard upper endoscope found in all hospitals and GI surgery centers, this critical technology becomes available and affordable in more areas of care.

Our ability to complete a financing round with experienced, highly respected investors and our existing shareholders is a testament to our team, our strategy and the overall market opportunity ahead of us. It brings us closer to our goal of expanding patient and physician access to EUS in the US and around the world.

—Steve Steinberg, President and CEO of EndoSound, Inc.

Endosound included in Becker’s “5 GI device companies to watch in 2023”!

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From Beckers GI & Endoscopy

Claire Wallace –  

As the gastroenterology device market continues to grow, here are five companies poised to take over the market in 2023.

EndoSound, Iterative Health, Medtronic, FujiFilm, and Motus GI

At the beginning of 2023, EndoSound, a newer player in the GI space, received an investment from the American Gastroenterological Association to improve its endoscopic ultrasound technology. In July 2021, EndoSound earned FDA breakthrough device designation for the device.

See Linked In post here.

EndoSound® Receives Investment From AGA’s GI Opportunity Fund

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Portland, OR – EndoSound®, Inc., an Oregon-based medical device innovator developing technologies that enhance access, reduce cost, and increase the safety of endoscopic ultrasound (EUS) procedures, announced that the company received an investment from the American Gastroenterological Association (AGA), AGA’s new venture capital fund, GI Opportunity Fund 1.

“AGA’s commitment to driving innovation expanded through our venture fund and we’re proud to support emerging companies, like EndoSound, that are transforming care for patients with digestive disease. Technology that can increase patient access to care and procedure safety while also lowering health care costs is truly exceptional,” said Lawrence Kosinski, MD, AGAF, AGA Governing Board Councilor for Development and Growth.

 

EndoSound was granted Food and Drug Administration (FDA) Breakthrough Device designation in July 2021. The EndoSound Vision System® (EVS®) is a disruptive EUS platform whose attachable transducer and supportive components transforms a conventional upper endoscope into a fully functional endoscopic ultrasound device.

EUS is an imaging technology like CT, MRI and point of care ultrasound. It is critical to the diagnosis and treatment of a variety of benign and malignant diseases particularly those of the liver, gallbladder, and the pancreas. The cost of existing systems has limited the availability of this crucial modality in the United States and around the world.

“As a practicing GI physician, the support of the AGA is an enormous validation for our mission,” says Stephen Steinberg, MD, CEO and President of EndoSound, Inc. “We were initially honored as winners of the AGA’s Tech Summit 2022 Shark Tank. This investment is an even greater testament to their belief in our team and technology. We could not be more pleased with a partner who shares similar values and a desire to provide the utmost innovative technologies to the GI community, its physicians, and their patients.” 

 

By eliminating the burden of cost, the EVS will provide physicians with a technological option that can enable care for their patients in a greater number of locations and settings. This brings the potential for enormous benefits to patients, payers, and providers by reducing costs in the healthcare system. The EVS is not cleared by the FDA.

“We are excited to continue to build our fund’s portfolio of early-stage, high-growth GI companies with our recent investment in Endosound, a company with technology that converts any endoscope into an endoscopic ultrasound,” said Andrea Vossler, co-founder and managing director, Varia Ventures.

 

About EndoSound
EndoSound, Inc., is a privately held company based in Portland, Oregon. EndoSound is dedicated to expanding access to endoscopic ultrasound technology around the world. With its patented design, EndoSound transforms an upper endoscope into a fully functional EUS scope. It is comprised of an experienced team of scientists, engineers, clinicians, and seasoned business professionals with a track record of bringing new medical devices to market.

About AGA 

The American Gastroenterological Association is the trusted voice of the GI community. Founded in 1897, AGA has grown to more than 16,000 members from around the globe who are involved in all aspects of the science, practice, and advancement of gastroenterology. The AGA Institute administers the practice, research and educational programs of the organization. For more information, visit www.gastro.org.

The AGA Center for GI Innovation and Technology supports innovation and the development of new technology in gastroenterology, hepatology, nutrition and obesity by guiding medical device and therapeutics innovators through the technology development and adoption process.

About Varia Ventures 

Varia Ventures is a next-generation venture capital platform for professional organizations interested in building wealth for themselves and their members through investing in a portfolio of highly curated, emerging companies originating from their organizations. Varia’s platform blends insights from key opinion leaders, strategic partners, and industry experts through its “end-to-end” technology solution designed to both support early-stage companies while providing compelling investment opportunities to its investors. For more information, visit variaventures.com.

 

Endosound awarded AGA Shark Tank winner 2022

Endosound is the Winner of the 2022 Shark Tank Competition at the AGA Center for GI Innovation and Technology

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May 5th, 2022.  In April in San Francisco, CA, home to inventors, innovators, and investors, the 2022 AGA Center for GI Innovation and Technology (CGIT) Summit got underway.  There was a lot of great interaction among medical providers, investors and industry and one of the highlights was the Shark Tank style competition among start-up companies in the GI space.

Twenty companies applied for 6 spots to compete live in San Francisco and Endosound was selected among the 6 finalists.  Competitors each presented a 5-minute elevator pitch to a panel of GIs and investors, followed by 5-10 minutes of questions. Our founder, Steven Steinberg, MD, did a fabulous job pin-pointing the important details the panelists were seeking.

Without further delay,…

We won!

https://www.linkedin.com/company/endosound/posts/?feedView=all&viewAsMember=true

This win further validates that our technology is ready to disrupt the EUS market. Along with the award recognition, we will also receive guidance from the AGA CGIT committee, providing access to additional funding and partnering opportunities.  We could not be more excited!

As the 2022 AGA CGIT Shark Tank winner, we will represent the AGA CGIT in the Shark Tank competition at Digestive Disease Week (DDW) on May 21st, 2022, in San Diego, CA.  Once again Dr. Steinberg will be there to demonstrate our disruptive product and business plan.

Stay tuned for more information as we get closer to realizing our goals and more collaboration between the professional societies, strategic partners, and the GI community.

FDA Grants Breakthrough Device Designation for Innovative EndoSound Vision Ultrasound System

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PORTLAND—August 31, 2021—Endosound, Inc., an Oregon-based medical device innovator developing technologies that enhance access, reduce cost, and increase the safety of endoscopic ultrasound procedures, announced today that its EndoSound Vision System received a Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA).

 

The EndoSound Vision System is an add-on device that consists of a compact ultrasound beamformer, reusable transducer, and disposable mounting kit that fastens onto any flexible upper gastrointestinal (GI) video endoscope to convert it into an endoscopic ultrasound (EUS) system. Its unique distal attachment allows the endoscopist to perform advanced procedures, such as fine needle biopsy, with precision, but without the controversial elevator mechanism found on all other linear echo-endoscopes.

 

In recent years, multi-use endoscopes that feature an elevator mechanism have faced scrutiny due to their association with patient infection risk. In a July 2020 Safety Communication published by the FDA, it was stated that “FDA recommends health care facilities and manufacturers begin transitioning to duodenoscopes with disposable components”1 to address the challenges presented by the elevator mechanisms on these endoscopes. Major device manufacturers have consequently responded with new disposable duodenoscope models, but the similarly designed ultrasound endoscopes have been overlooked. The innovative EndoSound Vision System addresses this oversight by eliminating the need for the elevator mechanism while still maintaining the precision and imaging that is necessary for complex EUS procedures.

 

“The EndoSound Vision System removes significant patient safety concerns that have been connected with the elevator mechanism over the last several years,” stated Dr. Shyam S. Varadarajulu, MD, Medical Director of the Digestive Health Institute at Orlando Health.“In addition to reducing risk, the system features a disruptive price point that gives it the potential to dramatically expand the availability of this critical modality in the United States and around the world.”

 

“The Breakthrough Device Designation is evidence of the transformative potential the EndoSound Vision System presents,” stated Dr. Stephen Steinberg, MD, EndoSound Founder and President. “There is a clear need for a resolution to the patient safety risk presented by traditional ultrasound endoscopes. Also, for many healthcare facilities, the high cost of conventional systems creates a barrier to entry into the use of endoscopic ultrasound. With Breakthrough Device Designation, we are on an accelerated pathway to eliminating these obstacles.”

 

The FDA Breakthrough Device Designation expedites the development and evaluation of novel devices that offer the potential to enhance patient outcomes through more effective treatment or improved diagnosis of life-threatening conditions. Under the program, the FDA will provide EndoSound with the opportunity to provide its feedback during the pre-market phase and prioritized review of the device submission.

 

About EndoSound

Endosound, Inc., is a privately held company based in Portland, Oregon that is dedicated to expanding access to endoscopic ultrasound technology around the world. The company comprises an experienced team of scientists, engineers, clinicians, and business professionals with track records of commercializing new medical devices.

 

www.endosound.com

 

1.     U.S. Food and Drug Administration. (2020). The FDA is Recommending Transition to Duodenoscopes with Innovative Designs to Enhance Safety: FDA Safety Communication [online]. Available at: https://www.fda.gov/medical-devices/safety-communications/fda-recommending-transition-duodenoscopes-innovative-designs-enhance-safety-fda-safety-communication [Accessed 13 Jul. 2021].

 

EndoSound Appoints First Chief Commercial Officer And Completes Initial Seed Round Financing

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 PORTLAND—July 20, 2021—

Oregon-based medical device innovator, Endosound, Inc., announced today the addition of Josh Cohn to its executive leadership team as the company’s first Chief Commercial Officer. Additionally, the company announced it successfully raised Initial Seed Round funding as it oversubscribed its intended goal. The new funding will be used to commercialize the EndoSound Vision System.

In this role, Josh Cohn reports to Stephen Steinberg, Founder and President, and is responsible for the pre- and post-commercialization Sales and Marketing strategies. Based in Charlotte, North Carolina, Josh will collaborate with world-renowned endoscopists and prioritize bringing the novel EndoSound endoscopic ultrasound platform to market.

Josh comes with extensive experience in the gastrointestinal endoscopy device market, most recently acting as a Market Development Manager at Ambu A/S. Previously, he spent 13 years at PENTAX Medical, where he held several roles including National Sales Director and Regional Sales Director. While at Ambu A/S and PENTAX Medical, Josh was responsible for the creation of new sales and marketing programs, including customer retention and conversion initiatives.

“I’m ecstatic to join EndoSound as it approaches a critical milestone in its growth. Expanding healthcare access and diminishing infection risk while reducing costs for patients fills me with pride,” stated Josh. “The EndoSound Vision System is truly revolutionary and presents a safer, more affordable alternative to conventional EUS platforms.”

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December 4, 2020 — EndoSound Completes Successful Animal Study

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EndoSound’s endoscopic ultrasound device  underwent  a  successful evaluation in a live animal (pig) lab.  The evaluator was Dr. Carlos Robles-Mendanda, an internationally known expert in the field and key opinion leader to major endoscope and equipment manufacturers.   He used the device without preparation or instruction.  The results of the two hour evaluation included:

  • The images were judged “excellent”, superior to the Olympus EUM-E1 competitive device
  • The ability to perform a diagnostic EUS examination was judged “perfect”
  • Doppler capability was “very good”
  • The ability to adapt to utilizing a new technology was judged “easy”
  • The addition of the EUS device to a standard endoscope did not affect the flexibility or maneuverability of the scope

In summary, the device was judged “fantastic”, “ready”, and “a final product”.

 

 

EndoSound Incorporates as a Delaware C Corporation

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On June 1, 2020 — EndoSound incorporates as a Delaware C Corporation

Founded by gastroenterologist Stephen Steinberg, M.D., and bioengineer Scott Corbett, EndoSound is developing affordable, safer Endoscopic Ultrasound (EUS) systems for diagnosing and treating pancreatic cancer and other diseases of the digestive tract. EUS combines endoscopy (a visual modality using video imaging) and ultrasound to create images of the digestive tract and its surrounding organs and tissues.