MORGANTOWN, W.Va. — Country Roads Angel Network (CRAN) investors have awarded $40,000 in new capital to Endolumik, Inc., a surgical device company with a new bariatric surgery innovation.
CRAN, the state’s only accredited angel investment network, previously announced in October an initial investment of $175,000 to the Morgantown company.
Mara McFadden, chief executive officer, and Dr. Nova Szoka, inventor, presented at CRAN’s recent annual meeting in Glen Jean. “Some of our investors who had limited knowledge about Endolumik had a chance to meet the leaders of the company and learn about the medical device’s potential,” said Judy Moore, managing director of CRAN. “Those positive interactions led to CRAN’s additional investment.”
McFadden has a track record of launching new medical devices and has worked with leading industry companies such as Johnson & Johnson and Philips Healthcare. Dr. Szoka is a bariatric surgeon who is leading clinical development of the product. Earlier in 2021, McFadden and Dr. Szoka secured a licensing agreement from West Virginia University to begin to position the product for commercial use.
“This additional investment from CRAN allows us to complete our Seed round, and move full steam ahead with product development, the FDA approval process, and expanding our IP portfolio,” said McFadden. “Without CRAN taking a big risk on us early, and continuing their support, a small startup like us couldn’t be in this position today.”
Kevin Combs, chairman of CRAN, said McFadden and Szoka were enthusiastic about raising funding from CRAN and using our influence to garner additional funding that led them to a clear path for commercialization. “Leaders of Endolumik and the other companies CRAN has invested in tell us our support has been invaluable to their ultimate success,” said Combs. “We have added new investors and are actively evaluating other potential deals, so 2022 is off to a great start.” He added that contributions from Intermed Labs LLC at Mon Health, a CRAN partner, were beneficial to the investment decision.
CRAN operates under the umbrella of the New River Gorge Regional Development Authority (NRGRDA), and is administered by the West Virginia Hive, the entrepreneurship support program of the NRGRDA. CRAN is made up of investors largely native to the Mountain State who now are scattered across the country. Members are dedicated to the betterment of West Virginia and hope their investments will generate various levels of positive impact.