Mederi Therapeutics, a US-based life sciences firm, has secured $18.5m in series B preferred stock ($8.5m) and venture debt ($10m).
Participating in the series B were Respiratory Diagnostics, a subsidiary of biotech firm Bio-Rad Laboratories, venture firm Acadia Woods Partners, and a group of private investors. The $10m venture debt was provided by Horizon Technology Finance.
The funds will be used to further develop the Connecticut-based Mederi’s primary therapies for Gastroesophageal Reflux Disease (GERD), more commonly known as acid reflux, and incontinence.
Will Rutan, chief executive of Mederi, said: “Many device start-up companies launch with large sales forces and deep marketing budgets before gaining traction with clinical data and reimbursement. Mederi has strategically built sales and marketing as we gained such traction. This conservative approach has paid off, resulting in expanding insurance coverage domestically and abroad, significant growth in 2013, and product availability in almost 40 countries on a relatively small amount of investor capital.”