Sotelix Endoscopy has completed a $1.7m funding round that will go towards research, development and the in vivo testing of its therapeutic endoscopy devices.
The Baltimore, US-based company said the funding round included participation from individual investors, entrepreneurs, and other unspecified investors with clinical, technical and business expertise. The company is currently developing a therapeutic endoscope for procedures dependent on the closure of tissue of the gastrointestinal (GI) tract that is designed to allow for procedures to be performed in a minimally invasive manner without the need for incisions.
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Sotelix was founded in March 2024 by Dr Mouen Khashab, a professor of medicine at Johns Hopkins University’s (JHU) School of Medicine, who serves as the company’s president. A recognised leader in therapeutic endoscopy, Dr Khashab has authored more than 575 publications and holds over ten endoscopic instrument patents.
The Sotelix team consists of co-founder Dr Venkata Akshintala, associate professor at JHU’s School of Medicine, entrepreneur Mohamad Khachab as chairman and CEO John Schellhorn.
Dr Khashab commented: “Therapeutic endoscopy holds the potential to treat numerous gastrointestinal conditions in a minimally invasive manner, but achieving this requires the right tools.
“Sotelix is dedicated to creating these tools to enable incision-free, scar-free treatments, helping patients return to their lives faster.”
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By GlobalDataAccording to GlobalData analysis, the global endoscopy devices market was valued at around $15.76bn in 2023. Growing at a compound annual growth rate of 5.7%, it is forecast to reach a valuation of around $28.94bn by 2033.
Elsewhere in endoscopy, this month Swedish company Alleima acquired Germany-headquartered Endox, a manufacturer that supplies nitinol and stainless-steel products and components across fields including endoscopy and gastroenterology.
In November, Medtronic acquired Netherlands-based Fortimedix Surgical in a bid to boost its surgical and endoscopy portfolio.
