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Updated: December 19, 2021 @ 3:23 am
Beckley, West Virginia
A medical device company whose innovation improves bariatric surgery procedures has secured a $175,000 angel investment from the nonprofit Country Roads Angel Network (CRAN) of Beckley, the state’s only accredited angel investment network.
CRAN invests in projects spanning all 55 counties of West Virginia.
Endolumik, Inc. was founded in May 2020 by Mara McFadden, chief executive officer, and Dr. Nova Szoka, inventor of the surgical device. McFadden has a track record of launching new medical devices and has worked with industry leading companies. Dr. Szoka is a bariatric surgeon who will lead clinical development of the product.
Earlier this year, this team secured a licensing agreement from West Virginia University to begin to position the product for commercial use.
Szoka’s invention — currently called the “Endolumik System” — is a fluorescent version of the spacing calibration tubes used in bariatric surgery. When used with a near-infrared compatible camera, the product allows surgeons to see where exactly in the stomach the tubes are so they can avoid that area during the procedure.
Judy Moore, managing director of CRAN, said the Endolumik investment stems from a partnership recently finalized with Intermed Labs LLC, a Morgantown-based innovation lab and startup studio affiliated with Mon Health System.
“We are convinced that other startups and businesses focusing on health innovation and enhanced patient care will follow Endolumik,” Moore said in a press release.
Endolumik, Inc. also recently won the 2021 Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) Shark Tank, an innovation pitch competition that was held in Las Vegas.
CRAN operates under the umbrella of the New River Gorge Regional Development Authority (NRGRDA), which serves four counties in southern West Virginia and is administered by the West Virginia Hive, a 12-county entrepreneurial support program of the NRGRDA.
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