Arboretum Ventures joined as a new lead investor alongside existing investors participating in the round. It builds on the $88 million Series C closed in June 2024, bringing the total round to $138 million.
Minneapolis-based Endogenex plans to use the latest funds to support the completion of its pivotal ReCET clinical study and the path to FDA approval for its endoscopic procedure aimed at transforming diabetes care.
The ReCET technology uses electroporation therapy to achieve re-cellularization. It utilizes non-thermogenic pulsed electric fields (PEF) to regenerate duodenal mucosal and submucosal cells.
Endogenex designed its PEF therapy for endoscopic delivery utilizing a catheter that deploys a flex circuit. The circuit makes appositional contact with the gut wall. Ultra-short pulses of electrical energy cause electroporation of cell membranes and trigger non-thermogenic, apoptotic-like cell death. Then, rapid cellular regeneration follows.
The novel outpatient procedure regenerates healthy cells in the mucosal and sub-mucosal layers of the duodenum. It could deliver a substantial and durable reduction in insulin resistance and improvement in beta cell function.
Stacey Pugh, CEO of Endogenex, said:
“This financing puts us in a strong position to complete our pivotal study and take the ReCET System through FDA approval. Type 2 diabetes continues to take a heavy toll on patients, providers, and the healthcare system. Even with the best available therapies, including GLP-1 receptor agonists and SGLT2 inhibitors, the disease often continues to progress. We believe that is because an important part of the disease has gone untreated: the gut. By restoring the duodenum to a healthier state, we aim to help patients do more than manage their symptoms. We want to potentially alter their disease progression, and this funding moves us meaningfully closer to that goal.”
