Apollo Endosurgery reports big funding round

Dec 17, 2013
Austin Business Journal

Medical device maker Apollo Endosurgery Inc. reported raising $60.7 million of a planned $63.7 million financing.


The Austin-based company collected the capital from 11 investors, according to a Monday filing with the U.S. Securities and Exchange Commission


Apollo Endosurgery, which employed 35 local workers in 2012, develops therapeutic endoscopy devices designed to enable minimally invasive and scarless surgical procedures. The company was incubated by PTV Sciences and initially funded through a seed grant from the University of Texas Medical Branch at Galveston in 2006


Earlier this month, Apollo Endosurgery completed the $110 million acquisition of the obesity intervention division of Allergan Inc., the developer of a weight- loss product called the LapBand


Last year, Apollo Endosurgery reported raising $52.7 million of a planned $53.8 million financing from 14 investors, an SEC filing shows. In July, the company reported raising $5 million of a planned $11.6 million financing from eight investors


Investors have included Denmark-based Novo A/S and two Dallas-based firms, Remeditex Ventures LLC and CPMG Inc.


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