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The company's innovative platform technology provides endoscopic non-surgical, outpatient ablation treatment of multiple sites throughout the gastrointestinal (GI) tract with its latest Radio Frequency Vapor Ablation (RFVA) system.
FREMONT, CA: Santa Ana-based developer of a disruptive, vapor-based, endoscopic ablation technology designed to treat gastrointestinal disease and prevent GI cancers, Aqua Medical, announced the closure of its Series A-3 round with a USD 8.2 million investment, led by ShangBay Capital. The latest investment completes the company's USD 15.5 million Series A funding round. As part of the investment, ShangBay's founding managing partner William Dai will join Aqua Medical's Board of Directors. "We're very excited to be part of bringing this powerful, new technology platform to the physicians and patients managing these difficult diseases," said William Dai. Aqua Medical's existing investors Ithaka Partners LLC and ForMED Ventures, also participated in the investment round.
"On behalf of all the shareholders of Aqua, I welcome ShangBay Capital and new board member William Dai, who brings with him deep experience in the medical device space," said Lloyd Mencinger, President and CEO. "In addition, we appreciate the steadfast support of our existing investors in this Series A-3 round, including Pete Nicholas of Ithaka Partners LLC, ex-Chairman and original founder of Boston Scientific Corporation."
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The company's innovative platform technology provides endoscopic non-surgical, outpatient ablation treatment of multiple sites throughout the gastrointestinal (GI) tract with its latest Radio Frequency Vapor Ablation (RFVA) system. The RFVA system is currently being developed to treat multiple, unmet clinical needs with massive market potential for the treatment of Barrett's esophagus to prevent cancer with the aim of shorter treatment times and fewer procedures, management of type 2 diabetes through duodenal mucosal ablation to treat insulin-resistant tissue, and non-surgical treatment of precancerous pancreatic cysts with its novel ultrasound-guided needle catheter.
"Aqua Medical RF Vapor Ablation is a very promising through-the-endoscope ablation technology that offers great potential for ablation of precancerous Barrett's epithelium and possibly duodenal ablation for metabolic diseases," said Jacques Bergman, MD, Ph.D., Professor of Medicine and Endoscopy, Academic Medical Centre, Amsterdam.
The RFVA system received 510(k) clearance from the FDA and completed a successful first-in-man study for Barrett's esophagus. The company proceeds from the investment round to accelerate development, clinical investigation, and regulatory clearances for additional catheter configurations and indications. "Aqua Medical is an exciting and disruptive technology platform designed to restore abnormal or precancerous tissue growth to healthy epithelium. While we are first launching our vapor-based system for ablations throughout the GI tract, we will also be expanding to ablation of pulmonary tissue through bronchoscopy," said Aqua Medical founder and Chief Medical Officer Virender K. Sharma, MD.
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