Metamodix Secures $1.75M Series A Financing to Fund FIM Clinical Trial
Minneapolis, MN (PRWEB) June 24, 2015 -- Metamodix announced today that it has recently secured $1.75M in financing as part of a Series A funding round. The round was led by Antipodean Advisors LLC, an investment advisory firm based in New York. As part of the investment, Viraj Mehta will be joining the board of Metamodix as a director. The company intends to use the proceeds from this financing to complete a first-in-man clinical trial and establish its EndoSleeve™ therapy as a safer and more cost-effective treatment option for patients suffering from Type 2 Diabetes and obesity.
Type 2 Diabetes (T2DM) is the fastest growing chronic disease, estimated to affect over 350 million people worldwide and projected to affect over 500 million by 2025. The cost of treating this disease creates a significant burden for both individual patients and payers. In the US alone, T2DM is estimated to cost $245 billion annually, representing 1 out of every 10 healthcare dollars spent.
There are limited options for those suffering from T2DM and obesity. Historically, these patients have been treated with expensive pharmaceutical therapies that are not particularly effective, require significant lifestyle changes, and can cause undesirable side effects.
More recently, researchers have shown that gastric bypass surgery, in which a portion of the small intestine is also excluded from normal digestion, can actually lead to the remission of T2DM. This finding has led to an emerging field of device-based therapies intended to mimic the procedure endoscopically without the costs or risks associated with surgery. The EndoSleeve™ developed by Metamodix represents a next generation intestinal sleeve device that promises to be a safer and more-cost effective alternative for patients suffering from T2DM and obesity.
About Metamodix
Metamodix is dedicated to reducing the human and financial costs of Type 2 Diabetes and obesity. The company is based in Minneapolis, MN and has developed a drug-free, nonsurgical device therapy designed to eliminate symptoms and reduce weight in those who suffer from Type 2 Diabetes.
Dr. Kedar Belhe, Metamodix Inc, http://www.metamodix.com, +1 (763) 244-1248, [email protected]
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