Denmark-based foundation Novo has helped US-based medical device maker Apollo Endosurgery raise $47.6m.
Novo was joined in the round in February by investment firm CPMG and venture firms Remeditex Ventures, PTV Sciences and HIG BioVenture.
As part of the financing, Jack Nielsen of Novo, John Creecy of Remeditex, and Kent McGaughy of CPMG will join the Apollo Endosurgery board.
Nielsen said: "Scarless surgery represents the convergence of therapeutic endoscopy and minimally invasive surgery, and we are confident that Apollo Endosurgery’s OverStitch platform will be the enabling device to truly drive this emerging market. We are excited to invest in a company with a vision to dramatically change the field of minimally invasive surgery, thus having a profound impact on patient care."
In 2007 the company raised $11.5m in Series A financing from PTV Sciences and HIG Ventures, as well as individual investors, which was subsequently increased to $12.6m, according to this amended Securities and Exchange Commission filing.
In 2009 the company raised $3m of a planned $3.2m round, according to this filing.
In 2006 the company raised $2m in convertible securities, according to this filing as well as $950,000 that same year, according to another filing
Apollo Endosurgery was founded based on the work of the Apollo Group, a think tank of gastroenterologists and surgeons from five universities, Mayo Clinic, Johns Hopkins, Medical University of South Carolina, University of Texas Medical Branch-Galveston and Chinese University-Hong Kong.