Minnesota medical device company MetaModix has raised $150,000 in equity between three undisclosed investors, according to a regulatory filing made with the SEC. The startup, which is working to develop an intestinal liner implant as a Type 2 diabetes treatment, still seeks $350,000.
The device would be placed while the patient is consciously sedated during an outpatient procedure, similar to a gastrointestinal endoscopy. The website claims “resolution of Type 2 diabetes” could occur within days of placement. If it works, a patient could return to normal eating habits within several days of the procedure, while still losing weight.
The last funding noise the company made was in March 2013, when it raised $450,000 in equity of $2 million sought. In 2012, the company was raising $1.9 million.
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Founder and CEO Kedar Belhe did not respond to requests for comment. But according to the company’s website, a second-gen liner that can stay in the body longer may be on the horizon, and the groundwork is being laid for U.S. approval of the first-generation device.
Directors listed on the filing include Belhe, who worked at St. Jude Medical (STJ) for almost a decade before founding MetaModix, and Manish Parikh, a board member.
For more on innovative diabetes treatments, including MetaModix’s, click here.
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