Gynesonics said the $2.9 million it just added to its coffers closed out a funding round totaling $46 million.
The round was led by USP Group’s Novit Ventures and included Endeavour Vision, Abingworth, HealthCrest, InterWest Partners, Advanced Technology Ventures, HBM Partners, Correlation Ventures and Hercules Technology Growth Capital.
Redwood City, Calif.-based Gynesonics makes the Sonata radiofrequency ablation device for treating uterine fibroids.
Gynesonics said the proceeds are earmarked for strategic initiatives and its clinical program, including a pivotal trial aimed at FDA approval for the latest Sonata iteration. The device is designed to use sonograph-guided radiofrequency ablation to destroy intrauterine fibroids while preserving the uterus.
“Our financial partners have great confidence in the potential of the Sonata technology platform to make a significant improvement in the lives of millions of women around the world who suffer from symptomatic uterine fibroids,” president & CEO Christopher Owens said in prepared remarks. “This total financing significantly increases the depth of our financial backing, enabling us to move forward aggressively in executing our clinical research initiatives, R&D priorities and initial European targeted commercialization.”
Last October, Gynesonics won an investigational device exemption from the FDA to start the Sonata pivotal trial to evaluate the safety and effectiveness of radiofrequency ablation as a treatment for heavy menstrual bleeding relating to symptomatic uterine fibroids. The trial is expected to expand to as many as 22 sites and enroll up to 147 patients.
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