|[February 20, 2013]
Gynesonics Completes $21 Million Series D Financing
REDWOOD CITY, Calif. --(Business Wire)--
Inc., a women's healthcare company focused on minimally invasive
solutions for symptomatic uterine fibroids, announced today a Series D
financing led by HBM Partners based in Switzerland. The $21 million
financing included additional new investor Correlation Ventures and
existing investors Abingworth, Advanced Technology Ventures (ATV) and
InterWest Partners. Gynesonics will use the proceeds to continue
clinical and commercial development of the VizAblate® System, a
transcervical, ultrasound-guided ablation system for the treatment of
uterine fibroids. VizAblate® has the CE Mark in the European Union and
is currently limited to investigational use in the United States.
"Gynesonics has developed an important product, serving a major unmet
need in women's health," said Darrin Uecker, the company's President and
CEO. "We are pleased to bring in HBM Partners, another high-quality
international investor with relevant industry expertise and a strong
worldwide network to help us deliver on this exciting technology."
"We are delighted about the Gynesonics investment," said Dr. Chandra P.
Leo, Partner at HBM. "Women's health is an important strategic field for
a number of large healthcare companies and symptomatic uterine fibroids
represent a large opportunity in this space. Based on its incision-less
approach and promising clinical data, we believe that the VizAblate®
System will significantly improve gynecologists' treatment options for
this common condition." Dr. Leo has joined the Gynesonics Board of
Gynesonics is also pleased to announce the addition of two U.S. patents,
8,088,072 and 8,262,577, to the company's substantial and growing patent
portfolio. Gynesonics has invested significantly in the development of
graphical overlays to show the projected treatment region and safety
boundary within the VizAblate® System user interface, and these patents
relate specifically to the use of these overlays for image guided
"Graphical overlays are very important to the VizAblate® System's ease
of use and learning curve. They enable a very intuitive approach and
will be an important feature of any image guided treatment solution,"
said Dr. Marlies Bongers, Ob/Gyn at Maxima Medisch Centrum in The
Netherlands and a clinical investigator in the Gynesonics FAST (News - Alert)-EU
As many as 3 out of 4 women will have fibroids during their reproductive
life. The symptoms that fibroids may cause inclde heavy menstrual
bleeding, pelvic pain and pressure, and urinary dysfunction. Today, the
most frequent surgical treatment for symptomatic uterine fibroids is a
hysterectomy, with approximately 250,000 hysterectomies being performed
in the United States each year.
is a women's healthcare company focused on minimally invasive solutions
for symptomatic uterine fibroids. Gynesonics has developed the
VizAblate® System, a transcervical, ultrasound-guided ablation system
for the treatment of uterine fibroids. VizAblate® has the CE Mark in the
European Union and is currently limited to investigational use in the
United States. Gynesonics is a privately held company with headquarters
in Redwood City, California.
About HBM Partners
HBM Partners is a globally active, healthcare-focused investment
management group headquartered in Switzerland. The funds advised by HBM
invest in private and public companies across North America, Europe,
India and China. Since 2001, HBM has generated more than 40 trade sales
and IPOs of pharma/biotech, medtech and diagnostics companies.
More information can be found at: www.hbmpartners.com
Abingworth is an international investment group dedicated exclusively to
the life sciences and healthcare sector. The company invests at all
stages of development including early and late-stage venture financing,
growth equity and public companies. Founded in 1973, Abingworth has a
lengthy track record of backing market leading companies. Abingworth has
a specialist team of 19 professionals with a broad range of skill sets
and access to an extensive network of industry contacts. Abingworth has
funds under management of over $1.25 billion and offices in London,
Menlo Park (California) and Boston.
More information can be found at: www.abingworth.com
For more than 30 years, InterWest has partnered with exceptional
entrepreneurs to build winning technology and life sciences companies.
With more than 200 years of combined operating and investing experience,
the firm's investing team has raised $2.8B, completed more than 70 IPOs,
and participated in nearly 60 upside acquisitions. As the firm invests
InterWest X, a $650M fund, the InterWest team continues to believe that
providing capital is just the beginning of a long-term collaboration
with entrepreneurs to turn their vision into a thriving company.
More information can be found at: www.interwest.com
About Correlation Ventures
Correlation Ventures, a $165 million venture capital fund, leverages
world-class analytics to offer entrepreneurs and other venture
capitalists a dramatically better option when they are seeking
additional co-investment capital to complete a financing round. The firm
makes investment decisions in two weeks or less and offers reliability
and transparency about reserves and its intentions to follow in future
financings. Correlation Ventures invests across all industry segments,
U.S. geographies and investment stages - from seed through late stage.
Current portfolio companies include AirXpanders, Aldea Pharmaceuticals,
Bunchball, edo interactive, Framehawk, Getaround, MOGL, RQx
Pharmaceuticals, SAY Media, Telly, and Virsto Software. Correlation
Ventures has offices in Palo Alto and San Diego, CA (News - Alert).
More information can be found at: www.correlationvc.com
About Advanced Technology Ventures
Advanced Technology Ventures (ATV) is a bi-coastal venture capital firm
with more than $1.8 billion in capital under management. The firm works
with entrepreneurial teams in several technology markets, including IT,
healthcare and cleantech, to transform emerging growth companies into
market leaders. Founded in 1979, ATV has an established track record of
success helping to build strong, sustainable companies.
More information can be found at: www.atvcapital.com
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