REDWOOD CITY, Calif.--(BUSINESS WIRE)--Gynesonics, a women’s healthcare company focused on the development of minimally invasive solutions for symptomatic uterine fibroids, today announced $2.9 million of additional equity financing, increasing the aggregate amount raised to $46 million, completing this round of financing.
Rockville, MD-based Novit Ventures LP, the investment arm of USP Group, one of the most successful privately-held healthcare companies active in both the European Union and North America, was the primary investor in this new addition to the equity financing. Other investors previously announced include lead investors, Endeavour Vision and Abingworth, as well as, HealthCrest, InterWest Partners, Advanced Technology Ventures (ATV), HBM Partners, Correlation Ventures and Hercules Technology Growth Capital.
The proceeds from the equity financing will continue to fund Gynesonics’ strategic initiatives and clinical plan in the U.S and globally, including the FDA pivotal trial of the latest generation of the Company’s Sonata™ System, an innovative, uterus-preserving, incision-free approach to the treatment of a wide range of symptomatic uterine fibroid types.
“Our financial partners have great confidence in the potential of the Sonata Technology platform to make a significant improvement in the lives of millions of women around the world who suffer from symptomatic uterine fibroids,” said Christopher M. Owens, President and CEO of Gynesonics. “This total financing significantly increases the depth of our financial backing, enabling us to move forward aggressively in executing our clinical research initiatives, R&D priorities and initial European targeted commercialization.”
According to medical literature, about 70-80 percent of women in the U.S. will develop uterine fibroids by age 50 with a significant proportion of the fibroids causing symptoms. In addition, according to the New England Journal of Medicine, approximately 200,000 hysterectomies are performed in the United States each year because of symptomatic fibroids.
About Sonata System
The Sonata™ System, the next generation of Gynesonics’ technology platform (the previous generation referred to as VizAblate), uses radiofrequency energy to ablate fibroids under intrauterine sonography guidance. The Sonata™ System, including the SMART Targeting Guide, enables the operator to target fibroids and optimize ablations within them. Sonata™ System’s design provides a straightforward, transcervical access for a uterus preserving, incision-free fibroid treatment. This intrauterine approach is designed to avoid the peritoneal cavity. In October 2014, Gynesonics announced FDA approval of the SONATA IDE pivotal trial for their latest generation Sonata™ System.
Gynesonics is a women’s healthcare company focused on minimally invasive solutions for symptomatic uterine fibroids. Gynesonics has developed the Sonata™ System for the transcervical treatment of symptomatic uterine fibroids under intrauterine sonography guidance. The Sonata™ System is CE Marked and approved for sale in the European Union. Sonata™ System is not available for sale in the United States. Gynesonics is a privately held company with headquarters in Redwood City, CA.