Endogenex Secures $50M Series C Extension to Advance Pivotal Type 2 Diabetes Study
Endogenex, a Plymouth, MN-based clinical-stage medical technology company focused on type 2 diabetes (T2D), has closed a $50 million extension of its Series C financing. Arboretum Ventures led the round, with participation from existing investors. The funds will support completion of the company’s pivotal ReCET Clinical Study and advance the regulatory path toward FDA approval.
This extension builds on a prior $88 million Series C closed in June 2024, bringing Endogenex’s total Series C funding to $138 million. The company is developing a minimally invasive, outpatient endoscopic procedure that uses non-thermal pulsed electric fields to treat inflamed tissue in the duodenum and promote healthy cell regeneration. Research suggests that duodenal inflammation disrupts gut signaling critical to blood sugar regulation, appetite, and metabolism, potentially contributing to the progression of T2D.
“This financing puts us in a strong position to complete our pivotal study and take the ReCET System through FDA approval,” said Stacey Pugh, CEO of Endogenex. “Even with current therapies, type 2 diabetes often progresses because an important part of the disease—the gut—remains untreated. By restoring duodenal health, we aim to go beyond symptom management and potentially alter disease progression.”
Dr. Tom Shehab, Managing Partner at Arboretum Ventures, added: “As a gastroenterologist, I recognize the scientific rationale for targeting the duodenum in T2D. The ReCET System represents a compelling new approach for a disease affecting hundreds of millions globally, and we look forward to supporting Endogenex through its pivotal study.”
The ReCET Clinical Study is a multicenter, prospective, randomized, double-blinded, sham-controlled trial evaluating the safety and efficacy of the Endogenex System. The study, approved by the FDA via an Investigational Device Exemption in November 2023, will enroll patients at clinical sites in the United States and Australia.
