Gynesonics Completes $16.5 Million Series B Financing

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Gynesonics, Inc., developer of the VizAblate™ system, a minimally invasive device to treat uterine fibroid tumors, announced today that it has completed a $16.5 million private equity financing. The Series B financing was led by Advanced Technology Ventures and joined by InterWest Partners and Abingworth Management, Inc. The company also announced that Tom Rodgers of Advanced Technology Ventures and Linda Grais, MD of InterWest Partners have joined its board of directors.

“The Gynesonics team has been moving at an incredible pace since the company was founded just two years ago. In their first year, they have completed safety and feasibility studies in more than fifty patients. The speed of their development is impressive by anyone’s standard.”

Jessica Grossman, MD, President and Founder of Gynesonics said, “We are very pleased that firms of the quality of Advanced Technology Ventures and InterWest have joined our team. They have an impressive record of health care investments and bring tremendous expertise. We also appreciate the continued confidence and support from Abingworth Management. These funds will allow us to complete our product development and begin our U.S. FDA clinical trial later this year.”

Tom Rodgers of Advanced Technology Ventures commented, “Uterine fibroids affect millions of women and unfortunately there are no effective and practical treatment options that spare the uterus. We believe the VizAblate™ system is an extremely promising and exciting approach that has the potential to put a simple, minimally invasive treatment in the hands of gynecologists to be performed in an office-based setting.” Linda Grais, MD of InterWest Partners added, “The Gynesonics team has been moving at an incredible pace since the company was founded just two years ago. In their first year, they have completed safety and feasibility studies in more than fifty patients. The speed of their development is impressive by anyone’s standard.”

About Advanced Technology Ventures

Advanced Technology Ventures (ATV) has a long history of investing in the healthcare industry, with more than $1.4 billion in capital under management in several technology markets, including medical devices, biopharmaceuticals, communications, infrastructure, software and services, consumer technology, cleantech, and emerging technologies.

About InterWest Partners

InterWest Partners (www.interwest.com), founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its ninth fund, IW IX, a $600 million fund, InterWest has more than $2 billion of capital raised since inception. InterWest has 17 investing partners in Menlo Park, CA and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology.

About Abingworth

Abingworth (www.abingworth.com) is a long-established venture capital firm dedicated to the life sciences sector on both sides of the Atlantic. The company invests across all stages of development, including early-stage as well as public companies. Abingworth has funds under management of over $750 million. Founded in 1973, Abingworth has offices in London, Cambridge (UK), Menlo Park (California) and Boston.

About Gynesonics, Inc.

Gynesonics is a private company that is developing a novel, minimally invasive system to treat uterine fibroid tumors, The VizAblate™ system. Gynesonics’ disposable, hand-held device combines ultrasound imaging to allow the gynecologist to identify fibroids with radiofrequency energy to ablate the tumor. In addition to a simple procedure for the physician, Gynesonics same-day out patient treatment should be easier for the patient and at a far lower cost for insurers. The Gynesonics system is not yet approved for sale in the United States.