AEGEA Medical Reports Completion of $13 Million Financing
Developer of novel, minimally invasive treatment for abnormal uterine bleeding will use funds to complete product development and clinical study
REDWOOD CITY, Calif.--(BUSINESS WIRE)--AEGEA Medical Inc., developer of a novel, minimally invasive treatment for abnormal uterine bleeding, reported today that it has completed a $13.3 million private equity financing led by Covidien Ventures. Joining Covidien Ventures in this financing were existing investors Alloy Ventures and Delphi Ventures. The company also announced that Amy Belt, Director of Covidien Ventures, has joined AEGEA's Board of Directors.
"We look forward to proving excellent clinical outcomes and are delighted to formalize our relationship with Covidien."
"Capital raised will allow us to complete our product development effort and begin the next stage of clinical testing of our new global endometrial ablation system to treat abnormal uterine bleeding," commented Don Gurskis, General Manager of AEGEA. "We are pleased with our clinical results to date and look forward to providing a better option."
Abnormal uterine bleeding impacts one in four women of reproductive age and represents one of the largest and fastest growing commercial opportunities in the women's health market. Every year, 2.5 million new patients in the United States seek treatment for this disorder.
AEGEA's system utilizes vapor to rapidly ablate the uterine lining. The ability of the gas to conform to virtually any anatomy is intended to provide complete ablation. This simple minimally invasive procedure can be performed by a gynecologist in an office setting.
"We look forward to proving excellent clinical outcomes and are delighted to formalize our relationship with Covidien," said Doug Kelly, M.D., General Partner of Alloy Ventures.
About AEGEA Medical
AEGEA Medical is a private, clinical-stage medical device company that is developing a novel treatment for abnormal uterine bleeding. The company's products are not available for sale in the United States. www.aegeamedical.com
About Covidien Ventures
Covidien Ventures is the venture capital investment arm of Covidien plc. Covidien Venture's investment interests are in markets, products, and technologies that are of long-term interest to Covidien. Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2010 revenue of $10.4 billion, Covidien has 41,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries. www.covidienventures.com
About Alloy Ventures
Alloy Ventures is an early-stage IT and Life Sciences venture capital firm with over $1 billion under management. They have helped start and cultivate more than 200 successful companies including such leading companies as Adiana, Barrx, Cambrios, Cameron Health, CoAlign, Crux Biomedical, Forte Bio, Genomatica, Novasys, NuGen, Optimedica, Pacific Biosciences, Raindance, Restoration Robotics, SHN/WebMD, and Verinata. www.alloyventures.com
About Delphi Ventures
Delphi Ventures is a venture capital firm that has focused on early stage investing in medical devices and biotechnology for two decades. With more than $850 million in committed capital, Delphi Ventures has funded over 150 companies. More than 90% of their portfolio companies have either completed an initial public offering or have been acquired by a leading healthcare corporation. www.delphiventures.com
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