Minerva Surgical filed an SEC Form D to confirm the sale of $10 million in an offering of debt, options, warrants and other securities.
The Redwood City, Calif.–based company’s new notice completed the first sale of the $10.5 million offering on Nov. 22 and expects to sell the remaining $500,000 before the offering has lasted one year, according to the filing.
Minerva did not disclose the issuer range for the offering, but the filing confirms that 16 investors contributed to the $10 million in debt sold. The company did not share its intended use of proceeds from the offering.
Minerva is the developer of the Minerva endometrial ablation system, a treatment designed to help women manage heavy menstrual bleeding. The company’s technology works by delivering plasma energy to the tissue lining of a woman’s uterus. The doctor dilates the patient’s cervix and inserts a silicone array into the patient’s uterus. There, the silicone array opens and a cervical balloon is inflated to protect the cervix.
After a series of tests are finished, the doctor delivers two minutes of customized plasma energy to treat the patient’s uterine lining before the cervical balloon is deflated and the silicone array is closed and removed from the patient’s uterus. Minerva surgical touts that the entire treatment usually takes less than four minutes.
Minerva previously raised $9.2 million for the ablation technology in January. The company has since been embroiled in a patent spat over the endometrial ablation tech with Hologic, claiming a victory in July when a federal appeals court upheld a ruling that invalidated one of the Hologic patents in question.