Gynesonics said today that it closed a $75 million equity financing round to support its Sonata system intended for diagnostic intrauterine imaging and the transcervical treatment of symptomatic uterine fibroids.
The round was led by Bain Capital Life Sciences and joined by all the Redwood City, Calif.-based company’s existing investors, including Abingworth, Advanced Technology Ventures, Endeavour Vision, HealthCrest, InterWest Partners, HBM Partners, Correlation Ventures and Hercules Technology Growth Capital.
“We are confident that Gynesonics is well-positioned to meet the needs of women who suffer from this debilitating disease. The robust and impressive clinical data will enable the Sonata system to make a significant impact in the multi-billion worldwide market for the treatment of uterine fibroids,” Advanced Technology Ventures general partner & Gynesonics board member Mike Carusi said in prepared remarks.
The company’s flagship Sonata System is a uterus preserving, incision-free uterine fibroid treatment designed to treat fibroids transcervically with radiofrequency energy. The system combines both an intrauterine ultrasound system with a proprietary radiofrequency ablation device, Gynesonics added.
As part of the financing round, Gynesonics said that Bain Capital Life Sciences managing director Jeffrey Schwartz will join the company’s board of directors.
“We are impressed by the quality and promise of the Sonata system and the caliber of the Gynesonics team. We believe there is a strong clinical need for an incision-free option for women who are suffering from symptomatic fibroids. I look forward to joining the board and working closely with the team on this important platform technology as well as other advances in the company pipeline,” Schwartz said in a prepared statement.
Proceeds from the round are slated to support the launch and global commercialization of the company’s Sonata System, which has CE Mark clearance in the European Union and FDA 510(k) clearance. Proceeds will also support further development of the Sonata platform and additional clinical research initiatives.
“On behalf of all of the stakeholders in Gynesonics, I welcome Bain Capital as a new investor and Jeff as a new member of our board. Gynesonics has developed a breakthrough treatment option for symptomatic uterine fibroids that is designed to preserve the uterus. We are proud to offer physicians and the women under their care a new treatment choice for this disease. This financing will provide the capital to successfully commercialize the Sonata System and continue the clinical research essential to our market development objectives,” prez & CEO Christopher Owens said in a press release.
Last January, Gynesonics released results from the pivotal FDA investigational device exemption cleared trial for its Sonata system.
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