American Gastroenterological Association Invests in EvoEndo

EvoEndo Inc. has received an investment from the American Gastroenterological Association’s (AGA) new venture capital fund, GI Opportunity Fund 1. This marks the fund’s fourth investment.

Neither EvoEndo nor AGA disclosed the investment amount. 
 
“AGA is proud to support EvoEndo and its technology that has the potential to improve care, save time, resources, and cost for hospitals and the GI community at large,” said Michael L. Kochman, M.D., Wilmott Family Professor of Medicine and Surgery, Center for Endoscopic Innovation, Research and Training, Gastroenterology Division, University of Pennsylvania Health System; fund manager and advisor of the AGA GI Opportunity Fund. 
 
The EvoEndo Single-Use Endoscopy System received U.S. Food and Drug Administration 510(k) clearance in February 2022. The EvoEndo System includes a sterile, single-use, flexible gastroscope designed for unsedated transnasal upper endoscopy and a small portable video controller. The EvoEndo Comfort Kit (not part of the cleared EvoEndo System) includes virtual reality (VR) goggles for patient distraction during the unsedated transnasal endoscopy procedure. Unsedated Transnasal Endoscopy (TNE) can be used to evaluate and diagnose a wide range of upper GI conditions that may require frequent monitoring, including eosinophilic esophagitis (EoE), dysphagia, celiac disease, gastroesophageal reflux disease, Barrett’s esophagus, malabsorption, and abdominal pain. 
 
“We are grateful for the support of the AGA, which is a testament to our ongoing commitment to improving GI outcomes with our technology,” EvoEndo CEO Jonathan T. Hartmann stated. “The AGA has always been at the forefront of improving GI care—our team could not be more excited that they have recognized EvoEndo, and we look forward to continuing to expand adoption of our technology to the GI community, its physicians, and their patients.”
 
TNE enabled by EvoEndo’s Single-Use Endoscopy System allows hospitals to move endoscopy procedures from an ambulatory procedural suite to an office-based environment and allows the “traditional” sedation procedure rooms to be used for more complex, therapeutic cases. 
 
“Expanding our fund’s portfolio to include technologies that can transform the pediatric GI landscape is particularly exciting for Varia Ventures,” Varia Ventures Co-Founder/Managing Director Andrea Vossler said. “EvoEndo has made significant progress in the TNE category, and we are excited for what’s to come in the future.”
 
The EvoEndo Model LE Gastroscope is intended for visualizing the upper digestive tract in adults and pediatric patients, specifically for observing, diagnosing, and endoscopically treating the esophagus, stomach, and duodenal bulb in patients over the age of 5. The gastroscope is a sterile, single-use device and can be inserted orally or transnasally. The EvoEndo Controller is intended for use with an EvoEndo Endoscope for endoscopic diagnosis, treatment, and video observation. 
 
EvoEndo Inc. is a medical device company developing sterile single-use, flexible endoscopes that enable unsedated endoscopic procedures. EvoEndo’s technology allows pediatric patients and adults to consider an unsedated option for routine endoscopies in a clinic setting without the use of general anesthesia or sedation. 
 
The American Gastroenterological Association is the voice of the GI community. Founded in 1897, AGA has grown to more than 16,000 members from around the globe who are involved in all aspects of the science, practice, and advancement of gastroenterology. The AGA Institute administers the practice, research and educational programs of the organization. The AGA Center for GI Innovation and Technology supports innovation and the development of new technology in gastroenterology, hepatology, nutrition, and obesity by guiding medical device and therapeutics innovators through the technology development and adoption process.
 
Varia Ventures is a next-generation venture capital platform for professional organizations interested in building wealth for themselves and their members through investing in a portfolio of highly curated, emerging companies originating from their organizations. Varia’s platform blends insights from key opinion leaders, strategic partners, and industry experts through its “end-to-end” technology solution designed to both support early-stage companies while providing compelling investment opportunities to its investors.