Contact Information: For more information contact: Scott Fraser Vice President of Marketing EndoChoice, Inc. 5490 McGinnis Village Place Suite 228 Alpharetta, GA 30005 770-682-8700 ext 302 (Office) 770-962-6981 (Fax) Email:
EndoChoice, Inc Closes Series A Financing With River Cities Capital Funds
Financing to Be Used to Expand Portfolio of GI Endoscopy Products and Services; EndoChoice.com to Provide One-Stop Shopping for GI Departments
| Source: EndoChoice
ATLANTA, GA--(Marketwire - May 19, 2008) - EndoChoice Inc, an emerging leader in GI
Endoscopy products and services, announced today that River Cities Capital
Funds led its Series A financing round. EndoChoice will use the funds to
accelerate their growth as they provide an efficient marketplace to the
clinical staff within the highly fragmented medical market of GI endoscopy.
"Two things attracted us to EndoChoice. The first is a world-class
management team that brings leadership experience from GI-focused companies
like Given Imaging and Boston Scientific. The second is research that
confirms market demand for a company that can help GI departments deal with
the pressures of increasing procedures, declining reimbursements, and
growing customer and product fragmentation. We are pleased to partner with
EndoChoice to help them advance their mission of becoming a market leader
that can help gastroenterologists and their colleagues focus on their
patients and not on administrative issues," said Rik Vandevenne, Principal
of River Cities Capital Funds and new EndoChoice board member. Joining Rik
on EndoChoice's board is Ed McCarthy, a Managing Partner of River Cities
Capital Funds.
River Cities manages $390 million in four private equity funds that focus
primarily on providing expansion-stage equity to healthcare and information
technology companies. Their team brings to bear a broad range of functional
expertise cultivated in prior careers in consulting, engineering,
operations management, investment banking, legal and accounting.
"With more than 20 million endoscopy procedures in the US each year, and
thousands of products used daily, we have a great opportunity to make our
customer's lives much more efficient." said Mark Gilreath, founder and
chief executive officer of EndoChoice. "We are extremely pleased to partner
with River Cities as we accelerate our growth and bring new efficiencies to
endoscopy departments throughout the United States."
About EndoChoice
Endoscopy's ONE-STOP SHOP is now EndoChoice, the most trusted partner in
endoscopy for supplies, devices, equipment, and services. Providing
endoscopy products since 1992, the Company leverages an efficient web-based
channel, resulting in a dramatically improved customer experience.
Designed to improve the efficiency of the clinical staff, EndoChoice
customers enjoy the simplicity of ordering endoscopy supplies in one place,
having trusted access to pricing, and accessing utilization reports -- all
at the click of a button. The Company is headquartered in Atlanta,
Georgia. For more information, visit www.endochoice.com
About River Cities Capital Funds
Formed in 1994, River Cities is a family of venture capital funds with
offices in Cincinnati, Ohio and Raleigh, North Carolina. River Cities
seeks to partner with exceptional management teams to build great companies
based on sound business economics and market leadership potential, creating
significant potential for growth and superior returns for both
entrepreneurs and our investors. Among River Cities' significant successes
are EVault, Suros Surgical Systems, Nielsen Buzzmetrics, Health Personnel
Options and many other technology and healthcare market leaders. River
Cities has partnered with 79 companies and is currently investing out of
its $120 million fourth fund. For more information, visit www.rccf.com