Saturday, Apr 27 2024 | Time 07:33 Hrs(IST)
image
Business EconomyPosted at: Sep 1 2020 8:07PM


Aqua Medical Announces Final $8.2 Million Equity Investment Led by ShangBay Capital to Close Its $15.5 Million Series A Financing Round

Investment will be used to advance its novel vapor-based ablation system to treat precancerous conditions and metabolic disease such as type 2 diabetes in the gastrointestinal (GI) tract.
SANTA ANA, California, Sept. 1, 2020 /PRNewswire/ -- Aqua Medical's innovative platform technology provides endoscopic non-surgical, outpatient ablation treatment of multiple sites throughout the gastrointestinal (GI) tract with its new Radio Frequency Vapor Ablation (RFVA) system.
The platform is currently being developed to treat multiple, unmet clinical needs with large market potential:
Treatment of Barrett's esophagus to prevent cancer with the goal 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 closed its Series A-3 equity financing totaling $8.2 million, which completes the company's $15.5 million Series A funding. The final Series A tranche was led by ShangBay Capital LLC, with ShangBay's founding managing partner William Dai joining Aqua Medical's Board of Directors. The financing was joined by the company's existing investors, including Ithaka Partners LLC and ForMED Ventures.
The RFVA system was awarded 510(k) clearance from the FDA and completed a successful first-in-man study for Barrett's esophagus. The company will use this round of funding to accelerate development, clinical investigation and regulatory clearances for additional catheter configurations and indications.
"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, PhD, Professor of Medicine and Endoscopy, Academic Medical Centre, Amsterdam.
"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 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.
"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.
About Aqua Medical
Aqua Medical is the developer of a disruptive, vapor-based, endoscopic ablation technology designed to treat gastrointestinal disease and prevent GI cancers. The company's through-the-scope technology is efficient and easy to use. The platform uses high-temperature water vapor created by a radiofrequency generator and delivered endoscopically through proprietary catheters to the GI tract.
About ShangBay Capital
ShangBay Capital is a Silicon Valley-based venture capital company that brings investors access to best-in-class investments in U.S. medical device technologies, biotechnology and mobile healthcare sectors through early-stage venture equity participation.
Media Contact:
Lisa Owens
(210) 601-6647
[email protected]
Related Images
image1.png
(Disclaimer--Features may vary depending on the regions; subject to change without notice.)
Please log in to get detailed story.
Tags: #Aqua Medical Announces Final $8.2 Million Equity Investment Led by ShangBay Capital to Close Its $15.5 Million Series A Financing Round
More News
Sensex nosedives 609 28 pts

Sensex nosedives 609 28 pts

26 Apr 2024 | 5:26 PM

Mumbai, April 26 (UNI) Snapping a winning streak of last five sessions, the BSE Sensex on Friday, the last session of the week, tanked 609.28 pts to settle at 73730.16 amid mixed global cues.

see more..
Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

26 Apr 2024 | 5:00 PM

New Delhi, April 26 (UNI) On the back of solid volume growth, the country's largest carmaker Maruti Suzuki on Friday reported 47.80% jump in standalone net profit at Rs 3,877.8 crore for January-March period (Q4) of financial year 2023-24.

see more..

Shriram Finance net jumps 57 pc to Rs 2,021 cr in Q4

26 Apr 2024 | 3:52 PM

New Delhi, April 26 (UNI) Shriram Finance on Friday reported 56.91% year-on-year jump in consolidated net profit at Rs 2,021.28 crore for the January-March period (Q4) of financial year 2023-24.

see more..
Maruti Suzuki gets show-cause notice from Legal Metrology dept

Maruti Suzuki gets show-cause notice from Legal Metrology dept

26 Apr 2024 | 2:39 PM

New Delhi, April 26 (UNI) The country's leading carmaker Maruti Suzuki India on Friday said that it has received a show-cause notice from the Legal Metrology office in Rishikesh, Uttarakhand.

see more..

Onkar Kanwar gets Lifetime Achievement Award

26 Apr 2024 | 2:08 PM

Kochi, April 26 (UNI) Chairman of Apollo Tyres Ltd, Onkar Kanwar, has been conferred with the Lifetime Achievement Award at the All India Management Association (AIMA)’s Managing India Awards ceremony.

see more..
image