Emeryville, California, August 23, 2017. Channel Medsystems, developer of an innovative, physician office-based therapy for heavy menstrual bleeding, announced today that it has secured a $14.1mm Series C-1 financing. The insider-led round included participation by Third Point Ventures, InCube Ventures, Aperture Venture Partners, Scientific Health Development, Longwood Fund, and Boston Scientific.
Channel Medsystems has developed the Cerene® Cryotherapy Device to treat heavy menstrual bleeding. Cerene allows women who are finished with childbearing to receive treatment in their gynecologist’s office, a more comfortable and less-expensive setting of care than a hospital or surgery center. The Company plans to use this funding to support initiatives leading up to anticipated FDA approval as well as initial preparation for commercial launch.
The new round of funding follows significant achievements by the Company in 2017, including completion of the treatment phase of a 242-patient, multi-center pivotal study in March and receipt of the CE mark approval in July. “I am proud of the achievements the team at Channel has made this year,” said Ric Cote, President and CEO of Channel Medsystems. “We remain focused on delivering an exceptional device and treatment experience to women and their physicians, and we appreciate the continued support of our investors in this process.”
About the Cerene Cryotherapy Device: The Cerene Cryotherapy Device was developed with feedback from leading clinicians. Cryoablation, the use of extreme cold to destroy tissue, is a well-characterized, durable therapy routinely used to ablate malignant and benign human tissues. In the uterus, the use of cryothermic energy has been shown to reduce the likelihood of scarring and intrauterine adhesions that are often associated with heat-based treatments. Intrauterine scarring and adhesions may contribute to the development of long-term complications including re-operation and, ultimately, the failure of endometrial ablation. The team at Channel Medsystems has integrated the cryothermic energy delivery system and the user controls into a disposable, self-contained, ergonomic device, eliminating the need for capital equipment.
About Channel Medsystems: Channel Medsystems is a privately-held company that was spun out of the incubator TheraNova. The Company was founded to bring innovation to the delivery of women’s healthcare. The Company strives to develop treatments to meet the unique needs of female patients and the high standards of their healthcare providers. Channel Medsystems is committed to ensuring that women have access to high quality outcomes that can be delivered in the convenience and comfort of their healthcare provider’s office. For more information, please visit www.channelmedsystems.com.
CAUTION: This device is limited to investigational use in the US, Canada, and Mexico.
Ric Cote, President & CEO
Rhonda Bracey, VP Finance & Treasurer