Gynesonics draws in $21M Series D to advanced uterine fibroid ablation device
Gynesonics' ablation device to treat uterine fibroids is drawing major investor interest. Switzerland's HBM Partners and others will fund the California company's $21 million Series D financing round to help advance the product in several ways.
|Gynesonics' VizAblate System is designed to eliminate symptomatic uterine fibroids.--Courtesy of Gynesonics|
The new money will help nurture Gynesonics' VizAblate System, a transcervical, ultrasound-guided ablation device designed to eliminate symptomatic uterine fibroids. VizAblate already has a CE mark in the European Union, but the company's clinical development process in the U.S. is ongoing. Plans call for using the money to propel more clinical and commercial-rollout work.
Three out of four women develop fibroids, and the standard of treatment for symptomatic uterine fibroids is typically a hysterectomy. Ablation offers a potentially less invasive approach, and the tool doesn't involve incisions. Gynesonics terms VizAblate as fulfilling that unmet need for a less invasive option, but it isn't the only one in the game. Smith & Nephew ($SNN), for example, recently launched its own product in the space. Another rival is Halt Medical, which nailed down a $15 million Series D to fuel development of its Acessa radiofrequency ablation device to treat fibroids.
In addition to HBM Partners, existing investors Abingworth, Advanced Technology Ventures and InterWest Partners also participated in the round.
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