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a startup co-founded by veteran med-tech entrepreneur Dale has closed onabout $3.8 millionm in venture capital. The early-stage firm is targetingf the obesity market, according to Petert McNerney, managing partner at Minneapolis venture-capitaol firm Thomas, McNerney & Partners. McNerney’s firm participate in the financing round, which is EndoMetabolic’s first. Spencer couldn’ft be reached for comment on the firm’s plans or technology befors press time. Other EndoMetabolic executivesz include presidentDavid Blaeser, a former vice presidentf of cardiac device firm Velocimed (sold to St. Jude Medical Inc.
in 2005 for $74 million), and Miche l Gagner, according to a securitiesz filing. The market for obesity treatments has grown steadily in recent yearx and is expected tototaol $6.4 billion by 2015, according to market-researchy firm MedMarket Diligence. That figure covers products from drugsto bariatric-surgery devices. Several Twin Cities firms, including EnteroMedics Inc. and Leptosd Biomedical Inc., are already working on obesity-fighting products. Both firms’ deviceas incorporate neuromodulation technology, which stimulates the brain usintelectrical impulses.
Spencer’s career has largelt been spent inthe cardiac-device He is former CEO of Scimede Life Systems, which was sold to Bostoh Scientific Corp. in 1995. He founded ev3 Inc., which went public in 2005. He also co-founde d Velocimed and ConcepTxMedical Inc., a med-tech incubator. Company: EndoMetabolic Solutions Inc. President: Business:
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