Mirabilis Medica said it raised up to $13 million in a Series A1 round and tapped a new CEO to lead the development of its ultrasound treatment for uterine fibroids.
The Bothell, Wash.-based medical device company said it closed on an initial $7 million round led by GSR Ventures, including $4 million in cash and a $3 million conversion of debt to equity. Charter Life Sciences also participated in the round.
Mirabilis said it plans to use the funds to back the development of its high-intensity focused ultrasound technology for fibroids, which are benign tumors fed by blood vessels in the uterus.
"Successful medical device entrepreneur Jens Quistgaard has taken the role of chief executive officer with the company," according to a press release.
"It is estimated that up to 25% of all women will have uterine fibroids that cause pain, excessive bleeding, or other symptoms at some point in their lives. Only a fraction of these women receive effective treatment, and many of those are treated with procedures that result in infertility," Quistgaard said in prepared remarks. "With this financing, the resources are in
place to conduct clinical studies and accelerate product development that will move us closer to commercialization of what we believe is a promising therapy for a truly underserved patient population."