Ally Bridge participates in $57m round for US biotech firm
Healthcare-focused GP Ally Bridge has participated in a $57 million round of funding for EndoChoice, a US-based endoscopic imaging specialist, with a view to helping the company to expand in China.
Ally Bridge is one of three new investors alongside Deerfield and Rock Springs Capital. They joined Sequoia Capital and other existing backers in the round. According to Crunchbase, Sequoia and Accelmed provided $43 million in funding in January 2013.
Founded in 2008, EndoChoice produces imaging systems, devices and infection control products, and pathology services used to treat colon cancer and other gastrointestinal (GI) conditions. It is said to be on course for a NASDAQ IPO this year. The company's flagship product is the Fuse Full Spectrum Endoscopy platform. While traditional endoscopes are forward-viewing, offering no more than a 170-degree field of view, the Fuse system uses three cameras to cover 330 degrees.
EndoChoice has more than 2,500 direct customers in the US and has distribution partnerships in 25 countries. It will use the fresh capital to expand sales and marketing efforts for the Fuse technology. The company has already applied for regulatory approval in China and Ally Bridge will assist in finding a local partner.
"This is a unique opportunity to invest in a company that has a broad range of GI products and services, a track record of seven years of growth, and an exciting, new endoscopy technology that promises to improve clinical outcomes while lowering healthcare cost for payers," said Steven Hochberg, a partner at Deerfield, in a statement.
This is Ally Bridge's second collaboration with Deerfield, a leading US healthcare investor.
Set up in 2010 by Frank Yu, Ally Bridge was originally known as Themes Investment Partners. It targeted Chinese companies in healthcare, environmental technology and agri-business. The healthcare portfolio performed particularly well and so the firm decided to forge a new path as a healthcare specialist. It was rebranded in 2013.
Ally Bridge, which reached a second close on its second fund last June, pursues a a fully-fledged cross-border strategy, with investments in the US and China.
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