Meditrina said yesterday that it completed a round of equity financing worth $13 million for the commercialization of its Aveta System for treating intrauterine pathologies.
The San Jose, Calif.-based company’s Aveta system won FDA 510(k) clearance in May; the company plans to put the $13 million toward the platform’s market launch.
The Aveta system is designed to use a proprietary expandable working channel hysteroscope, along with a fluid management and resection system, for hysteroscopic tissue chip resection under continuous flow conditions. Meditrina said the system should allow a physician to control all parameters of the procedure and view it on a single monitor.
The round was led by ShangBay Capital and Aethan Capital, with ShangBay founding managing partner William Dai joining Meditrina’s board.
“On behalf of all of the shareholders in Meditrina, I welcome ShangBay Capital as a new investor and William as a new member of our board,” president & CEO Csaba Truckai said in prepared remarks.
“We are very excited about the potential of the Aveta System to establish a new gold standard in hysteroscopic resection procedures,” Dai added. “Meditrina has developed multiple proprietary technology platforms including but not limited to, an expandable working channel hysteroscope, a high-speed mechanical oscillation mechanism, fluid control algorithm, and an HD CMOS visualization and fluid management system.”
