California women’s health company Halt Medical is raising capital ahead of a major commercial bid for its Acessa radiofrequency-based uterine fibroid treatment.
The company this week listed more than $92.8 million raised in a pair of funding rounds, with another $9.5 million left to close the larger of the 2. Halt plans to use the funds to restructure some existing debt and fund U.S. commercial efforts, CEO Jeffrey Cohen told MassDevice.com.
Halt Medical closed a $29.6 million funding round and raised $63.3 million of another hoped-for $72.8 million funding round, according to separate SEC filings.
The company has been active in raising funds since its November 2013 FDA nod for its game-changing Acessa device, an alternative to hysterectomy for women with uterine fibroids. Fibroids are the leading global cause of hysterectomy procedures, according to the Centers for Disease Control & Prevention.
The Las Vegas, Nev.-based company’s Acessa system, which is also on the market in Canada, Europe and Mexico, allows physicians to deliver radiofrequency energy to uterine fibroids through a minimally invasive procedure.
In traditional fibroid surgery a physician generally must either cut through healthy tissue to access the tumor or remove the uterus entirely, according to Halt Medical. A patient treated with Acessa can typically leave the hospital the same day resume regular activities in 5 days or less, according to a press release. The destroyed fibroid is re-absorbed by surrounding tissue.
