Alydia Health, formerly known as InPress Technologies, said today it closed a $10 million Series B financing round to help support its technology platform designed to prevent maternal morbidity and mortality caused by postpartum hemorrhage.
The round was led by the Global Health Investment Fund and joined by Astia Angles and other existing investors. As part of the round, Global Health Investment Fund managing partner Dr. Curt LaBelle will join the company’s board of directors.
“Alydia Health’s solution for postpartum hemorrhage offers tremendous potential for mothers and families around the world, starting right here at home. At GHIF, we invest in therapies that improve and save lives around the world while generating attractive financial returns. Alydia’s promising clinical results thus far indicate strong potential to achieve on both of these measures. We look forward to the U.S. clinical evaluation and subsequent commercialization of this postpartum hemorrhage device,” Global Health Investment Fund managing partner Curt LaBelle said in prepared remarks.
“We are thrilled to back this experienced, women-led executive team in tackling an important problem in women’s health. Our members saw significant potential for this investment based on the early results and the strong clinical partners involved in the Pearle study, which include pre-eminent U.S. centers and OB-GYN thought leaders. We are excited to work with the Alydia team to support the company’s mission,” Astia and Astia Angels CEO Sharon Vosmek said in a press release.
The company is developing technology intended to provide rapid cessation of bleeding by encouraging the uterus to contract quickly and compress open blood vessels. Alydia said it has already completed a 10 patient pilot study of the device.
Alydia Health said that funds from the round will support the US-based pivotal Pearle study of its technology platform which aims to evaluate the use of the system in 107 deliveries.
“It is enormously important to develop and research new methods for management of obstetric hemorrhage, as it is a leading cause of maternal mortality and morbidity in the United States. I am therefore thrilled to evaluate Alydia’s device through the Pearle Study. If it is shown to be effective, it will add significantly to our options to address hemorrhage, which remains one of the most challenging complications to manage, here at home and globally,” Pearle study principal investigator Dr. Mary D’Alton of Columbia University Vagelos College of Physicians and Surgeons said in a prepared statement.
“We are grateful for the strong partnership from GHIF, Astia Angels, and our existing investors as we begin this new chapter for the company following the successful publication of our early clinical data. Our new name, inspired by the Greek goddess of labor and delivery, reflects our mission to make childbirth safer for all mothers. We could not achieve this mission without the support of our forward-thinking investors and board members,” CEO Anne Morrissey said in a prepared release.