Women’s health devices maker Gynesonics landed $21 million in new financing in supports of its ultrasound-guided uterine fibroid ablation system, the company announced today.
The California company plans to use the funds to further clinical and commercial progress for its VizAblate system, a minimally invasive method for treating uterine fibroids and an alternative to hysterectomy.
Funding was led by HBM Partners of Switzerland and included financing from new investor Correlation Ventures and existing investors Abingworth, Advanced Technology Ventures and InterWest Partners, according to a press release.
"Women’s health is an important strategic field for a number of large healthcare companies and symptomatic uterine fibroids represent a large opportunity in this space," HBM partner Dr. Chandra Leo said in prepared remarks. "Based on its incision-less approach and promising clinical data, we believe that the VizAblate System will significantly improve gynecologists’ treatment options for this common condition."
Ablation represents a major shift in uterine fibroid treatment. In traditional fibroid surgery a physician generally must either cut through healthy tissue to access the tumor or remove the uterus entirely, but ablation-based procedures offer a less invasive option.
Rival California company Halt Medical in November 2012 won FDA clearance for its Acessa system, which also uses radiofrequency energy to destroy uterine fibroids.
Gynesonics has CE Mark approval in the European Union for its VizAblate device, but is currently limited to investigational use in the U.S. The VizAblate system uses ultrasound imaging and thermal ablation to treat fibroids.