Endogenex Inc., a Twin Cities med-tech company that's developing a treatment for Type 2 diabetes, has just closed on one of the region's biggest VC deals of 2024.
The Plymouth-based startup, founded in partnership with Mayo Clinic, raised $88 million in a Series C funding round. The round was led by an undisclosed investor with participation from Hatteras Venture Partners, Lumira Ventures and Orlando Health Ventures. Existing investors include Intuitive Ventures, Longitude Capital, Mayo Clinic and Santé Ventures.
The funds will be used for clinical trials of Endogenex's ReCET System. The trial will enroll more than 350 patients in the U.S. and Australia.
Endogenex's ReCET System is an investigational procedure that has a physician use a small camera to insert a catheter through the mouth to the small intestine.
A small coil is then deployed from the catheter and an electric current is applied to the lining of the small intestine. The shock is intended to prompt the body to regenerate healthy cells for better blood sugar levels and metabolic control.
Last year, former Medtronic executive Stacy Pugh joined Endogenex as CEO. The company, formerly known as DyaMX Inc., has raised more than $100 million, including the most recent round, since its founding.
The largest deal so far in 2024 was a $90 million round for Minneapolis-based Niron Magnetics that was reported to the SEC in January at $86 million and amended in March, signifying the largest equity round for a Minnesota startup in over a year.
