Softscope Medical Technologies, Inc. Completes $4 Million Series A Financing

St. Louis Park, MN — Softscope Medical Technologies, Inc., an early stage medical device company developing an innovative technology designed to significantly improve endoscopic procedures, announced that it has completed a $4 million Series A round of private financing. The financing was led by Thomas, McNerney & Partners and Accuitive Medical Ventures.

Proceeds of the financing will be used to complete the product design, add key personnel and to obtain FDA clearance for the company's initial device. The company's first product is aimed at improving colonoscopy, a procedure that is performed over 15 million times in the United States each year. Softscope's technology is designed to aid physicians by reducing procedure times and to make colonoscopies more comfortable for patients.

"We believe that Softscope's technology has the potential to advance the field of endoscopy," stated Troy Ziegler, President and Founder of Softscope. "We are excited to move forward on the development of this unique technology."

As a result of the financing, two new members have joined Softscope's board of directors: Kathy Tune from Thomas McNerney & Partners and John Deedrick from Accuitive Medical Ventures.

"We are pleased to be backing Softscope's talented management team and look forward to helping the Company prepare for their first FDA clearance," noted Kathy Tune. "We see a great opportunity in a technology that can positively change the way in which gastroenterology procedures are performed in the future."

"Our investment in Softscope represents an exciting opportunity to build a new company focused on the high growth market for gastroenterology based products," added John Deedrick. "We look forward to working closely with the company in an effort to maximize the potential for its current and future products."

SOURCE: Softscope Medical Technologies, Inc.