SOURCE: EndoChoice

May 19, 2008 08:30 ET

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

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

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: Email Contact