UPDATED: Halt Medical snags $15M to launch uterine fibroid device
|Halt Medical raised $15 million to market the Acessa System--courtesy of Halt Medical.|
Halt Medical revealed Wednesday it has collected $15 million in Series D financing to market its Acessa System, a device approved by the FDA in November for treating uterine fibroids.
Acessa, which uses radiofrequency ablation to remove all fibroid symptoms and types, is the first device of its kind, the company said. By treating the fibroids exclusively, normal function of the uterus remains. Traditional surgical methods may involve cutting into healthy tissue, causing complications associated with the uterus.
The funds from American Capital and existing investors will be used to support commercialization of the device, which is already in use in Europe and Canada, as it launches in several U.S. markets. Halt Medical CEO Jeff Cohen said in a statement that Acessa addresses "one of the largest unmet needs in women's health worldwide."
Cohen told FierceMedicalDevices Friday that, along with the first three series, the $15 million in Series D brings the total funding for Acessa to $85 million--he said it may be the last. Cohen also said the markets upon which Halt Medical will focus its launch are New York, Pittsburgh, Detroit and St. Louis, and then it will move into markets such as Chicago, Los Angeles and San Francisco.
American Capital CEO Malon Wilkus said, "We continue to be very excited about our investments in Halt Medical and the positive impact we will make in the field of women's healthcare."
- here's the press release
Editor's note: This story was updated to reflect comments made by Halt Medical CEO Jeff Cohen to FierceMedicalDevices Friday afternoon.