Category: Press Release

SAGES Ingenuity Fund Invests in Endolumik

August 3, 2023 – Los Angeles, Calif. – SAGES Ingenuity (https://www.sages-ingenuity.com), a newly incorporated subsidiary of the Society of Gastrointestinal and Endoscopic Surgeons (SAGES), has partnered with Varia Ventures (https://www.varia.com) to launch a new fund focused on investing in seed to series A companies seeking to advance the fields of endoscopic, laparoscopic and general surgery.

“We are excited about our partnership with Varia Ventures and the launch of a new fund that will support GI surgical innovations,” said Dr. Christopher Schlachta, President of SAGES Ingenuity.

“The SINC Opportunity Fund provides a new capital pathway for early-stage healthcare innovators, while also providing SAGES members with the opportunity to invest in a portfolio of companies that have the potential to generate outsized returns while also improving patient care,” added Scott Friedman, Managing Director, Varia Ventures.

The SINC Opportunity Fund (https://sincinvest.varia.com/) will make its first investment in Endolumik (https://www.endolumik.com), a surgical device company that has developed a fluorescence-guided esophagogastric calibration system used for surgery. The Morgantown, West Virginia-based Endolumik won the 2021 Shark Tank competition at SAGES annual meeting in Las Vegas.

Endolumik’s patented system is for use in sleeve gastrectomy and gastric bypass procedures, which are the fastest growing segment of the bariatric surgery market. The integration of near infra-red (NIR) lighting is designed to improve visualization, situational awareness, consistency and safety of robotic and laparoscopic bariatric operations. The system is the first device in the bariatric surgery space to enable the use of NIR surgical systems for improved visualization, and the first to enable fast and easy measurements with no additional tools.

“Our device was invented by a surgeon, and designed to improve a surgeon’s experience,” noted Endolumik CEO Mara McFadden. “So we are thrilled to have the support of a leading surgical society behind us to help bring this innovation to life.”

The Fund is now accepting applications for investment.  If you are an innovator who is currently fundraising and would like to be considered for an investment by the Fund, please submit your pitch deck and details of your raise to https://www.sages-ingenuity.com/application-for-investment/. For more information, please contact info@sages-ingenuity.com.

About SAGES

The Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) is a leading surgical society representing a global community of more than 7,000 surgeons bringing minimally invasive surgery and emerging techniques to patients worldwide. SAGES’ mission is to innovate, educate and collaborate to improve patient care with a vision of reimagining surgical care for a healthier world. For more information, go to https://www.sages.org.

About Varia Ventures

Varia Ventures is a venture firm that partners with professional organizations to help them launch and manage their own venture funds.  Varia provides investors with access to peer-reviewed investment opportunities in their fields of expertise at low investment minimums.  For more information, go to https://www.varia.com.

About Endolumik

Endolumik is a medical device company developing novel tools for laparoscopic surgery.  Its patented fluorescence guided surgical tools are designed to help make minimally invasive surgical procedures safer and more effective.  Learn more at https://www.endolumik.com.

Disclaimer.  All content is for informational purposes only.  Offers of securities are made only to verified accredited investors pursuant to a fund’s formal offering documents, which should be reviewed with your own advisors before investing. This email may contain forward-looking statements, which are not guarantees of future performance and should not be relied on.

Endolumik Closes $1.5 Million Investment

03/14/2023   Morgantown, W.Va. – Morgantown surgical device company Endolumik, Inc., closed a $1.5 million investment to commercialize its patented near-infrared (NIR) surgical device – Gastric Calibration Tube, thanks in part to a new investment from the Country Roads Angel Network (CRAN) of Beckley.

Endolumik uses near-infrared light to allow surgeons to better visualize minimally-invasive surgical tools and measure anatomical features during procedures.

The funds will support the commercial launch of the company’s first device using the technology. The investment close comes on the heels of the recent Food and Drug Administration 510(k) clearance of the device. In fact, the FDA announced that the Endolumik Gastric Calibration Tube is the first device ever to be authorized under its Safer Technology Program.

“The funding and Safer Technology authorization have set us up for success,” said Mara McFadden, co-founder and CEO of the company. “We are eager to get this novel tool into the hands of surgeons.”

McFadden said the investment will allow Endolumik to hire three people and build its inventory.

The equity round was led by the Country Roads Angel Network, West Virginia’s only accredited angel network fund that invests in companies that are driving innovation in the Mountain State.

“Our investors think so much of Endolumik and its leadership that we made a second investment in this innovative medical device company,” said CRAN Chairman Kevin Combs. “We are confident that Endolumik, with its innovative visualization techniques, will disrupt the laparoscopic surgical device landscape and create a new standard of excellence.”

Combs said CRAN invested $240,000 in Endolumik in late 2021 in the round one investment opportunity and another $145,000 now in round two, for a total CRAN investment of $360,000.

CRAN’s investment in Endolumik comes with a seat on the Endolumik board.

As a CRAN investor in Endolumik, Chris Vaught, a Beckley serial entrepreneur and successful businessman, will also be joining the Endolumik board. Vaught will bring his considerable health care experience as an entrepreneur and hospital CEO to the Endolumik leadership team.

“The potential for Endolumik – with this medical device and others in progress – is unlimited,” said Vaught in a press release. “Working with CEO Mara McFadden and inventor Dr. Nova Szoka since the initial funding round has been rewarding, and the future of this company is very bright.”

In a first, CRAN was joined in the round by West Virginia Jobs Investment Trust (WVJIT), which was able to match privately raised funds with SSBCI investment dollars.

“WVJIT is proud to be a partner investor in a deal led by Country Roads Angel Network that includes a host of other private investors,” said Andy Zulauf, executive director at West Virginia Jobs Investment Trust. “The West Virginia Capital Access Program afforded us the funds necessary to match investments from private funders to leverage a larger round of funding support for Endolumik. We hope this deal serves as a model for the state to work together to fund our best and brightest.”

Also invested are Calypso Investment Partners, Cutwater Capital, Varia Ventures and private offices.

Endolumik’s first product is a NIR-guided Gastric Calibration Tube. These calibration tubes are commonly used in gastric and bariatric surgeries today. However, the majority of these tubes are difficult to see inside the stomach, which can lead to costly medical errors. The Endolumik Gastric Calibration Tube with patented fluorescence-guidance is designed to improve visualization for the surgical team and enable safer, more standardized surgeries.

Nova Szoka, M.D., the inventor of the technology and co-founder of Endolumik, said in the release, “Our mission is to provide surgeons with additional visual cues to succeed in the operating room. We believe our technology will allow surgeons to deliver more consistent results and this will translate to improved patient outcomes.”

Endolumik Receives FDA Clearance for Flagship Product and Safer Technology Designation

Endolumik, an innovator in minimally-invasive surgical devices, today announced its fluorescence guided Gastric Calibration Tube has received U.S. Food and Drug Administration (FDA) 510(k) clearance. The technology uses near infrared (NIR) light to allow surgeons to more clearly visualize surgical tools inside the stomach. The device was designated by the FDA as part of their Safer Technology Program, the first device ever approved through that program.

“Our mission is to provide surgeons with additional visual cues to succeed in the operating room.”
– Dr. Nova Szoka

Endolumik, Inc. is SAGES 2021 Shark Tank Winner

Company’s Patent-Pending Device Enhances the Way Surgeons Perform Bariatric Surgery

September 16, 2021 – Los Angeles, Calif. — The Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) has announced Endolumik, Inc. winner of the 2021 Shark Tank competition at its annual meeting in Las Vegas.

The Morgantown, West Virginia-based Endolumik (https://www.endolumik.com) is a surgical device company that has developed a fluorescence-guided esophagogastric calibration system used for surgery. The system allows surgeons to precisely visualize the gastric calibration tube during a variety of minimally invasive laparoscopic and robotic procedures.

SAGES Shark Tank competition is designed to support clinicians focused on commercializing their innovations through investment capital, including by sale to a third party and not primary scientific research. This year, in partnership with Varia Ventures, SAGES launched a three pronged initiative to educate its members on entrepreneurism, engage and showcase inventors through the reimagined and funded SAGES Shark Tank, and finance promising startups through the newly formed SAGES Investment Network Collaborative (SINC). SAGES members can participate in SINC through the website https://sinc.variaventures.com.

Mara McFadden, Endolumik CEO, said, “We are thrilled to have the SAGES and Varia teams recognize the potential of this innovation. We will do our best to get it in the hands of SAGES surgeons as soon as possible.” Endolumik founder and CMO Dr. Nova Szoka added, “We strongly believe that fluorescence guided surgery should be the new standard of care in bariatric procedures due to the increased safety and consistency it can offer.”

Along with Endolumik, this year’s finalists Lazurite and theraGI LLC, presented both their idea and supporting business model to the Shark Tank judges that included Drs. Christopher Schlachta and Steven Schwaitzberg from SAGES, and Scott Friedman and Andrea Vossler from Varia Ventures. Endolumik’s prize money was $30,000. For more information about SAGES Shark Tank competition, please contact nicole@sages.org.

Dr. Nova Szoka & Mara McFadden
Endolumik Founders: Dr. Nova Szoka & Mara McFadden

About SAGES

The Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) is a leading surgical society representing a global community of more than 7,000 surgeons bringing minimal access surgery and emerging techniques to patients worldwide. SAGES mission is to innovate, educate and collaborate to improve patient care with a vision of reimagining surgical care for a healthier world. For more information, go to https://www.sages.org.