Gynesonics Completes $46 Million Equity Financing
Novit Ventures LP Participates in Latest Round
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.
About Gynesonics
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.
Contacts
Gynesonics
Chris Owens, +1.650.216.3860
President and CEO
www.gynesonics.com
