Gynesonics raises $43 million in equity financing – Endeavour Vision and Abingworth Lead Funding
Redwood City, CA – July 22, 2015 – Gynesonics, a women’s healthcare company focused on the development of minimally invasive solutions for symptomatic uterine fibroids, today announced that it has raised $43 million in an equity financing. The equity financing was co-led by new investor Endeavour Vision, a technology and life sciences investment group based in Geneva, Switzerland, and existing investor Abingworth, an international investment group dedicated to life sciences and healthcare.
In addition, HealthCrest, an investment and consulting firm based in Zug, Switzerland, and a multi-national medical technology company also invested in the equity financing, as did existing investors: InterWest Partners, Advanced Technology Ventures (ATV), HBM Partners, Correlation Ventures and Hercules Technology Growth Capital.
“Endeavour Vision’s newest fund is dedicated to transformational technologies in medical devices and digital health,” said Robert H. O’Holla, Operating Partner at Endeavour Vision. “We are pleased that our first investment from our MedTech growth fund will support a company with the potential to make a significant improvement in the lives of millions of women globally who suffer from symptomatic uterine fibroids. Sonata’s potential to reduce the need for the large number of invasive procedures, such as hysterectomy, currently used to treat fibroids was compelling, especially as studies suggest women are increasingly looking for uterine-preserving, incision-free treatment options.”
The proceeds from the equity financing will be used to fund Gynesonics’ strategic clinical plan, which includes current and future trials in the U.S. and globally, key programs in operations and research and development, market adoption and to support global regulatory and reimbursement efforts for the Gynesonics technology platform, Sonata™. The Sonata system is an innovative minimally invasive, incision-free device that integrates radiofrequency energy to ablate fibroids under intrauterine sonography guidance, while preserving the uterus.
“This investment from such a broad and accomplished group of international firms represents a significant endorsement of our technology and our team,” said Christopher M. Owens, President and CEO of Gynesonics. “It is also an acknowledgement of the large, underserved women’s healthcare market and the significant unmet need for a safe and effective uterus-preserving, incision-free option for the treatment of symptomatic uterine fibroids. We will continue to aggressively pursue our goal of establishing the Sonata™ System as the preferred choice of physicians and patients worldwide.”
According to medical literature, about 70-80 percent of women in the US will develop uterine fibroids by age 50 with a significant portion 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.
Gynesonics President and CEO