MENLO PARK, Calif.--(BUSINESS WIRE)--Alydia Health, today announced that the company has raised $13.9 million in a Series C financing led by AXA Investment Managers through its Impact Investing Strategy. Existing investors including Global Health Investment Fund and Avestria Ventures also participated in the round.
Proceeds will be used to support the anticipated U.S. commercial launch of the Jada® System, an innovative technology designed to rapidly control and treat postpartum hemorrhage (PPH), also known as abnormal postpartum uterine bleeding. Alydia recently completed the pivotal PEARLE IDE Study of the Jada System, and the results have been submitted in a pending 510(k) submission to the U.S. Food and Drug Administration (FDA) for marketing clearance of the device.
In association with the financing, Dr. Zina Affas Besse, Managing Partner at Global Health Funds will join the company’s board of directors.
“Alydia Health’s device for postpartum hemorrhage has tremendous potential to improve outcomes for mothers and families around the world,” said Jonathan Dean, Head of Impact Investing at AXA Investment Managers. “We are proud to invest in some of the most innovative technologies that address major public health issues worldwide, while generating attractive social and financial returns. Alydia’s technology addresses both of these measures and we look forward to supporting the company through the upcoming launch of the Jada System.”
Rob Binney Joins as CEO, Colby Holtshouse Appointed COO
The company also announced the appointment of seasoned medical device executive Robert Binney as Chief Executive Officer. Binney joins the company from Intersect ENT (NASDAQ: XENT), where he built a team of 200 employees and grew the company to over $100 million in annual revenue. As Chief Commercial Officer, Binney helped lead Intersect ENT from pre-FDA approval through a successful initial public offering and the launch of three products, while maintaining broad responsibility for the company’s global commercial strategy and execution. Prior to Intersect ENT, Binney worked in leadership roles with both startups and large medical device companies, including Boston Scientific (NYSE: BSX) and AccessClosure, now part of Cardinal Health.
“Alydia is poised to successfully address a serious condition that contributes significantly to maternal mortality in the United States and around the world, and I couldn’t be more excited to join this team during this critical time in the company’s evolution,” said Binney. “I believe in the potential of this unique technology to fill a growing clinical need in postpartum care, and I look forward to leading the company through its next phase of commercialization. We are proud that this esteemed group of investors recognizes the enormous opportunity Alydia represents in transforming innovations in women’s health.”
Binney succeeds Anne Morrissey, who recently stepped down as the company’s CEO. Colby Holtshouse, previously Alydia’s interim CEO and VP of Marketing, will assume the role of Chief Operating Officer, building on nearly two decades of experience in medical technology commercialization at industry pioneers such as Guidant, Medtronic and AccessClosure, as well as at several innovative medtech startups.
“We are thrilled to have Rob leading the Alydia team. He has been instrumental in scaling up a number of commercial organizations and his experience bringing medical technologies to market in diverse and competitive environments will prove invaluable to the organization,” said Curt LaBelle, Managing Partner at the Global Health Investment Fund and member of Alydia’s Board of Directors. “On behalf of the Board, I want to thank Anne for her leadership in positioning Alydia for commercial success, and congratulate Colby on her promotion to COO and for leading the company through this critical time as interim CEO.”
About Alydia Health
Alydia Health is a medical device company focused on preventing maternal morbidity and mortality caused by postpartum hemorrhage (PPH) and abnormal postpartum uterine bleeding – a challenging condition to manage and a growing problem in the U.S. and globally. PPH is one of the most common complications of birth, resulting in pharmacologic treatment in up to 10% of mothers1 and resulting in emergency intervention such as hysterectomy and expensive blood transfusions, and, in some cases, maternal death.
Founded in 2010 with a vision to make childbirth safer for all mothers, Alydia’s investigational device, the Jada System, is designed to work with the normal contraction of the uterus to rapidly stop excessive bleeding after childbirth. The company recently submitted a 510(k) submission to FDA for the marketing clearance of the Jada System based on results from the pivotal PEARLE IDE Study, which is now pending. For more information, visit www.alydiahealth.com and follow the company on Twitter at @AlydiaHealth and on LinkedIn at @Alydia Health.
About AXA Investment Managers
AXA Investment Managers (AXA IM) is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €804 billion in assets under management as at end of March 2020, AXA IM employs over 2,360 employees around the world and operates out of 28 offices across 20 countries. AXA IM is part of the AXA Group, a world leader in financial protection and wealth management.
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1 Widmer M et al. "Heat-Stable Carbetocin versus Oxytocin to Prevent Hemorrhage after Vaginal Birth." N Engl J Med 2018; 379:743-752.