Femasys Inc. said last week that it raised $4 million, according to a regulatory document filed with the SEC. Atlanta-based Femasys wrote that 8 investors contributed to the round and that it paid Los Angeles-based investment bank Salem Partners LLC an estimated $200,000 in sales commissions.
The 1st sale in the financing round happened on Jan. 6 this year, the company said in its filing.
In December last year, Femasys closed a $40 million Series C round that it said it will use to fund a pivotal trial for its FemBloc permanent female contraception device.
The financing round was arranged and led by Salem Partners, with “multiple institutional investors, family offices and a multibillion-dollar global medical device company” also contributing.
The company touts its FemBloc as a non-surgical procedure that can be done at the doctor’s office and is designed to obstruct the fallopain tubes. Femasys won an investigational device exemption from the FDA in December to conduct the 1st clinical trial for the proposed indication of the FemBloc system.
“FemBloc is designed to fill the unmet need of a safe, permanent contraceptive method that can be easily implemented since it does not require specialized surgical skills or investment in costly surgical equipment,” clinical affairs VP Dr. Mimi Zieman said. “This contrasts with current female sterilization options that have the inconvenience and risks associated with surgery and anesthesia for tubal ligation; and for hysteroscopic procedures – the challenge of placing the devices correctly, and concerns with long-term use.”