EndoSphere is certainly the kind of innovator that the IOLF program was created to support,” said Christiane Schmenk, Director of the Ohio Department of Development. “This award demonstrates the State of Ohio’s commitment to support innovative technology.
Columbus, OH (PRWEB) April 19, 2012
EndoSphere Inc. today announced that the Innovation Ohio Loan Fund (IOLF) has awarded $1 million to support EndoSphere’s platform of noninvasive, endoscopically-implantable devices that treat metabolic diseases including obesity and type 2 diabetes.
“EndoSphere is certainly the kind of innovator that the IOLF program was created to support,” said Christiane Schmenk, Director of the Ohio Department of Development. “This award demonstrates the State of Ohio’s commitment to support innovative technology companies. EndoSphere’s pioneering medical technologies have the potential to help millions of people.”
The IOLF program’s mission is to support “next-generation” technology innovators within targeted industry sectors. IOLF is a program of the Ohio Third Frontier program, a $2.3 billion initiative that stimulates technology-based economic growth through innovation, value chain development, and expansion of a skilled talent pool.
“EndoSphere’s management team and shareholders are pleased that our company has become recognized as a next-generation technology innovator,” Endosphere CEO James T. McKinley said. “EndoSphere’s broad patent coverage, in combination with the impressive clinical results of its products, offers strong promise for our company’s future impact in the rapidly expanding categories of interventional gastroenterology and weight management.”
EndoSphere invented the SatiSphere® duodenal insert, a non-invasive medical device that improves regulation of appetite and satiety by using the body’s natural physiology. The device is completely reversible, repeatable, and incisionless. Clinical studies have shown that the SatiSphere® device enables obese patients to achieve significant weight loss without surgery or medication.
About EndoSphere Inc.
Founded in 2006, EndoSphere Inc. is a medical technology company that holds 25 issued and pending U.S. and international patents. The company has developed a platform of noninvasive, endoscopically-implantable devices that treat some of the world’s most critical healthcare issues. EndoSphere is a portfolio company of Broadline Capital, a global private equity investment group. Major co-investors include venture fund Glengary LLC, Co-Investment Fund, and several of the largest U.S. angel investment funds including the Ohio TechAngel Funds, North Coast Angel Funds, Physician Investment Group, Queen City Angels, and QCA First Funds. For more information about EndoSphere, please visit http://www.EndoSphereInc.com.