Aqua Medical has raised a multimillion-dollar Series B led by Relevance Ventures, a Native American-led venture firm with more than $100 million under management. The company didn’t disclose the amount. Relevance chairman and general partner Dean Newton joins Aqua Medical’s board.
Treating diabetes through the gut
Aqua Medical’s approach doesn’t involve a drug. It’s a minimally invasive endoscopic procedure called Proximal Intestinal Mucosal Ablation (PIMA). Using a proprietary radiofrequency vapor ablation platform, the procedure treats the lining of the upper small intestine. That tissue plays a part in how the body regulates blood sugar, and the idea is that resetting it can improve metabolic control in type 2 diabetes.
Because it’s done through an endoscope, there are no incisions. The goal is a one-time procedure instead of another daily pill or injection.
Where the trials stand
The FDA has granted an Investigational Device Exemption. Aqua Medical is running its RESTORE-1 pilot study at US clinical sites and preparing for a pivotal trial. “Proceeds from this financing will support completion of our ongoing U.S. RESTORE-1 pilot study,” says president and CEO Bob Haggerty.
A mission-driven investor
Type 2 diabetes hits Native American communities especially hard, which explains the fit. “Type 2 diabetes represents exactly the kind of challenge Relevance Ventures exists to combat,” Newton says. Managing partner Cameron Newton says the firm backs companies across personal, digital, community and financial health.