About Endogenex
Endogenex develops an investigational, minimally invasive outpatient procedure for adults with type 2 diabetes not adequately controlled by non-insulin medicines. The company calls it the Endogenex System. Its specialized catheter applies controlled, nonthermal pulsed electric fields to tissue in the duodenum. The treatment is designed to support healthy cell regeneration and restore metabolic signaling from the gut. It is intended to improve blood-sugar control and potentially slow disease progression. The system remains under evaluation in clinical studies and is not for sale anywhere.
Founded with Mayo Clinic, Endogenex is a privately held clinical-stage company based in Minneapolis with a Plymouth, Minnesota address. Stacey Pugh is CEO, and Krissy Wright is CFO. The ReCET study enrolled 350 patients across about 40 sites in the United States and Australia. It follows participants for 12 months and measures HbA1c change at six months. The study received FDA IDE approval in November 2023. The Endogenex System also received FDA Breakthrough Device Designation for adults whose blood sugar is inadequately controlled by glucose-lowering medicines.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Jun 13, 2024 | Jun 24, 2024amended Nov 6, 2026 | $132,351,879of $144.5M target | 16 | $8.2M | Equity, Securities on exerciseRule 506(b) | Form D/A ↗1 earlier filing |
| Oct 11, 2023 | Oct 17, 2023 | $18,325,000fully sold | 9 | $2.0M | Equity, Options, Securities on exercise, Convertible Notes and Warrants for Next Round Securities or Series B-1 Preferred StockRule 506(b) | Form D ↗ |
| Feb 17, 2023 | Feb 24, 2023 | $9,209,000of $13.0M target | 7 | $1.3M | Equity, Securities on exercise, Series B-1 Preferred Stock and conversion of certain convertible promissory notes to Common StockRule 506(b) | Form D ↗ |
| Apr 15, 2021 | Apr 20, 2021 | $12,000,000fully sold | 7 | $1.7M | EquityRule 506(c) | Form D ↗ |
| Nov 30, 2018 | Dec 6, 2018 | $12,756,355fully sold | 6 | $2.1M | Equity, Options, Securities on exerciseRule 506(c) | Form D ↗ |
| Jan 31, 2018 | Feb 14, 2018 | $140,000of $1.0M target | 6 | $23,333 | Debt, Options, Securities on exerciseRule 506(c) | Form D ↗ |
| Total, six offerings | $184,782,234 | |||||
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by Endogenex
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Mar 25, 2026 | Series C extension | $50 million | Arboretum Ventures (lead), Existing investors | Endogenex Series C extension announcement ↗ |
| Jun 25, 2024 | Series C | $88 million | Undisclosed strategic investor (lead), Hatteras Venture Partners; Lumira Ventures; Orlando Health Ventures; Intuitive Ventures; Longitude Capital; Mayo Clinic; Santé Ventures | PR Newswire Series C announcement ↗ |
Why Investors Backed Endogenex
Endogenex is developing a catheter-based endoscopic treatment for adults with type 2 diabetes. Endogenex's investment case rests on addressing damaged duodenal tissue rather than only managing downstream effects. Early studies reported sustained blood-sugar and weight improvements, but the system remains investigational. The company has raised $138 million across its Series C and extension to fund clinical and regulatory work.
The problem it targets
More than 400 million people live with type 2 diabetes, and half have poorly controlled HbA1c. Diagnosed diabetes costs the United States $327 billion. Richard Pratley says many patients struggle to maintain control despite multiple medications. Endogenex's case is that drugs can leave gut dysfunction untreated. The company links inflamed duodenal tissue with disrupted signaling to organs that regulate blood sugar, appetite, digestion and metabolism.
What the product does
The duodenum is the first section of the small intestine. Endogenex's procedure treats its mucosal and submucosal layers, where metabolic signaling occurs. The company is testing whether renewed cells improve communication between the gut and organs regulating blood sugar, appetite, digestion and metabolism. The ReCET trial uses a randomized, double-blinded, sham-controlled design to distinguish the device's effect from a procedural placebo.
Progress so far
An integrated analysis followed 71 adults for 48 weeks. No device- or procedure-related serious adverse events occurred, and every procedure was technically successful. The highest-intensity group reduced mean HbA1c by 1.5%, fasting glucose by 41.4 mg/dL and body weight by 5.4 kg. Time in range rose from 55.8% to 82.1%. No participant needed rescue therapy or mandatory insulin through 48 weeks. Results showed a dose-response pattern, with higher energy and double application linked to larger, more sustained improvements.
Who backs it
An undisclosed strategic investor led the $88 million Series C in June 2024. New investors included Hatteras Venture Partners, Lumira Ventures and Orlando Health Ventures. Intuitive Ventures, Longitude Capital, Mayo Clinic and Santé Ventures also participated. Arboretum Ventures led the $50 million extension in March 2026, taking the Series C total to $138 million. The company earmarked that extension for completion of the ReCET study and regulatory work toward FDA approval.
How the market is moving
The 2024 financing announcement described earlier use of SGLT2 inhibitors and GLP-1 receptor agonists as a shift in diabetes therapy. Stacey Pugh argues that disease often progresses despite current treatments because the gut remains untreated. Endogenex frames its procedure as an option beyond pharmaceuticals. The ReCET study is testing whether this approach can safely improve control in adults whose blood sugar remains high on medicines.
We wrote this summary from public statements by Endogenex and its investors. It is not investment advice.
Endogenex in the News
Leadership Team
Executive officers and directors listed on Endogenex's Form D filed Nov 6, 2026.
Earlier filings also listed John Deedrick (director, last listed Oct 2023), Jeffrey Terrell (director, last listed Oct 2023), James Eadie, M.D. (director, last listed Oct 2023), Robert Kukujlan (executive officer, last listed Apr 2021), Paul Hindrichs (president & ceo, director, last listed Apr 2021), Robert Kukuljan (secretary, last listed Dec 2018) and Michael Brenzel (executive officer, last listed Dec 2018).