Washington's Mirabilis Medica has closed $7 million in financing for its ultrasound-based uterine fibroid treatment, part of a Series A that could reach $13 million.
GSR Ventures led the round, joined by previous investor Charter Life Sciences, and Mirabilis will use the upfront $7 million to develop a device that uses high-intensity focused ultrasound energy to noninvasively blast uterine fibroids. The device has yet to reach the market anywhere in the world, but the cash will help Mirabilis push it through to commercialization, the company said.
Along with the financing, Jens Quistgaard has taken the reins as Mirabilis' CEO, and the former executive chairman said his company is well-poised to treat an unmet need. Up to 25% of women suffer from uterine fibroids, Quistgaard said, and many are treated with procedures that carry a high risk of infertility.
"With this financing, the resources are in place to conduct clinical studies and accelerate product development that will move us closer to commercialization of what we believe is a promising therapy for a truly underserved patient population," Quistgaard said in a statement.
Mirabilis is hardly the only outfit looking to ultrasound therapy for uterine fibroid treatment. Israel's InSightec, with backing from GE Healthcare ($GE), markets an MRI-guided ultrasound device designed to heat and destroy fibroids and tumors, and both Gynesonics and Halt Medical have raised venture cash this year to develop similar technologies.
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