EndoGastric Solutions, Inc.® Announces CEO Transition and $18M Financing to Expand Commercialization
EndoGastric Solutions, Inc.® (EGS) announced that Darin Hammers had been appointed to be President and Chief Executive Officer of the Company and a member of the Board of Directors. Darin replaces Skip Baldino, who recently stepped down from this position.
EGS is also pleased to announce that the Company has closed on a significant financing of $18M to help further drive the growth and adoption of the TIF 2.0 procedure to help patients suffering from Gastroesophageal Reflux Disease (GERD).
Mr. Hammers' experience includes over 30 years of increasing leadership roles in the medical device industry. Most recently, he had served as CEO of DYSIS Medical since September 2018. Before joining DYSIS, Mr. Hammers served as the President and CEO of Cogentix Medical, which Laborie acquired in April 2018. He joined Cogentix's predecessor company, Uroplasty, as Vice President of Global Sales in January 2013. He was promoted to Chief Operating Officer before being named President and CEO in July 2016. Prior to joining Uroplasty, he was Vice President of Sales for Bard Medical Division of C.R. Bard based in Covington, GA, focused on Urology/Gynecology care products. Mr. Hammers also spent more than 12 years with Boston Scientific in various sales leadership positions and six years at ETHICON. He received his bachelor's degree in Marketing from the University of Southern Indiana, and a master's in Business Administration from Emory University ? Goizueta Business School.
"We look forward to working with Darin as we embark on the next stage of the Company's growth and would like to thank Skip for his leadership and for helping establish a solid foundation during his tenure as CEO," said Brent Ahrens, General Partner ? Canaan Healthcare and EGS board member.
"I am excited to join EGS at this pivotal point in the Company's commercial evolution, and l look forward to working with this highly-experienced management team and board of directors," Mr. Hammers said. "Additionally, the $18M investment into the Company will provide us with added fuel to drive future growth.
"I am extremely proud to have led EGS through significant transformations over the past eight years," said Mr. Baldino. "We have an incredibly talented team and physician partners who are deeply committed to the EGS mission of bringing life-changing relief to millions suffering from GERD. I look forward to supporting Darin and the Company and to advancing progress with all stakeholders," said Mr. Baldino. Mr. Baldino will continue to serve the Company as a strategic advisor.
About GERD
Gastroesophageal reflux disease (GERD) affects nearly 20 percent of the U.S. population and is the most commonly diagnosed gastrointestinal-related (GI) condition. Symptoms include heartburn, asthma, chronic cough, hoarseness, and occasionally chest pain. Treatments for GERD range from palliative care and medical management with proton pump inhibitors to surgery for many patients who opt for a more permanent treatment for their condition.
About EndoGastric Solutions® and Transoral Incisionless Fundoplication (TIF® 2.0 procedure) for GERD
Based in Redmond, Washington, EndoGastric Solutions, Inc. (www.endogastricsolutions.com), is a medical device company developing and commercializing innovative, evidence-based, incisionless surgical technologies for the treatment of GERD, including the EsophyX device used to perform the TIF 2.0 procedure.
The TIF 2.0 procedure is a safe and effective alternative to surgery for treating GERD and GERD symptoms. Based on data from more than 140 peer-reviewed publications, most patients who received the TIF 2.0 procedure were able to eliminate use of daily medications for up to five years following their procedure. Over 35,000 TIF 2.0 procedures have been performed worldwide, with an exemplary safety profile. For more information, please visit www.GERDHelp.com.
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