Femasys said earlier this month that it closed on a Series C round worth $40 million it plans to use on a pivotal trial of its FemBloc permanent female contraception device now that it has FDA approval for the study.
Atlanta-based Femasys said the round was arranged and led by Los Angeles-based investment bank Salem Partners, with “multiple institutional investors, family offices and a multibillion-dollar global medical device company” also contributing.
The company bills FemBloc as a non-surgical procedure that can be performed at the doctor’s office that’s designed to occlude the fallopian tubes.
“We are thrilled with the level of enthusiasm in this oversubscribed round of funding and grateful for the backing from our new and existing investors,” president & CEO Kathy Lee-Sepsick said in prepared remarks. “Their financial investment enables us to conduct and complete the FemBloc clinical plan, which will support our planned premarket approval application, and ultimately, our vision of improving the lives of women by providing access to an ideal permanent contraception solution that is safe and highly effective for women in the U.S. and worldwide.”
Femasys also said that it won an investigational device exemption from the FDA to conduct the pivotal study, it’s 1st clinical trial for the proposed indication for the complete 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 vice president 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.”
Femasys said Dechert served as legal counsel, with Baker Botts as investor counsel.