Auxogyn Completes $20 Million In Series A Funding -- Advances Early Embryo Viability Assessment (Eeva™) to Improve In Vitro Fertilization Outcomes --
MENLO PARK, Calif., Feb. 2, 2012 /PRNewswire/ -- Auxogyn, Inc., a privately-held company focused on advancing women's reproductive health, today announced the close of the final tranche of its Series A financing, bringing the total funding to $20 million. The initial tranche was placed in May 2010, and investors in the round include Kleiner Perkins Caufield and Byers, TPG Biotech and Merck Serono Ventures.
"Over the course of the last year, we have executed an aggressive operating plan in preparation for the commercialization of our first product, Eeva. Importantly, we expect to announce data from our five-site, 150-patient clinical study in the months ahead that will then be used as part of our regulatory filings in Europe and the United States," said Lissa Goldenstein, president and chief executive officer of Auxogyn.
"In evaluating investments throughout the medical technology field, we were impressed with Auxogyn's unique approach of bringing scientific rigor and data analytics backed by a robust intellectual property portfolio and top-tier clinical advisors to a market in desperate need of improved results," said Mark Gudiksen, Ph.D., principal of TPG Biotech and member of Auxogyn's board of directors.
"As the leader in fertility, Merck Serono is committed to investing in innovative technologies to improve the chance of a successful IVF pregnancy," said Nilesh Kumar Ph.D., director, Merck Serono Ventures. "This investment reflects our confidence in achieving this goal."
"Having developed its first product, initiated a substantive clinical study, and built a sound organizational infrastructure, Auxogyn has set the stage for an exciting 2012, springboarding toward commercialization in the latter half of the year," said Beth Seidenberg, M.D., partner at Kleiner Perkins Caulfield and Byers and a member of the Auxogyn board of directors.
Auxogyn's non-invasive early embryo viability assessment (Eeva) system may improve IVF outcomes by providing IVF clinicians and patients with objective information on embryo viability. Eeva's proprietary software automatically analyzes embryo development against scientifically and clinically validated cell-division timing parameters. With Eeva's quantitative data on each embryos' potential development, IVF clinicians can optimize the treatment path for their patients undergoing IVF procedures.
About Kleiner Perkins Caufield & Byers
Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in more than 500 ventures including AOL, Amazon.com, Citrix, Compaq, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Sun, Symantec, Verisign, WebMD and Zynga. KPCB portfolio companies employ more than 350,000 people worldwide. More than 150 of the firm's portfolio companies have gone public, and many other KPCB ventures have achieved success through mergers and acquisitions. KPCB focuses its global investments in three practice areas - digital, greentech and life sciences - and provides entrepreneurs with company-building expertise out of its offices in Silicon Valley, Beijing and Shanghai.
About TPG Biotech
TPG Biotech is part of the growth equity and venture investment platform of TPG, the global private investment firm. With more than $1 billion under management, TPG Biotech targets investments in pharmaceutical discovery and development, medical technology, diagnostics, healthcare and pharmaceutical services, life sciences, as well as industrial applications of biotechnology. TPG Biotech's investments in personalized medicine and genomics have included such companies as Genomic Health, XDx, CardioDx and Veracyte. Please visit www.tpgbiotech.com.
About Merck Serono Ventures
Merck Serono Ventures is the strategic, corporate venture capital fund of Merck Serono, the division for biopharmaceuticals of Merck KGaA. The fund invests in emerging biotechnology companies with the potential to provide breakthrough medical solutions in Merck Serono's focus therapeutic areas: Oncology, Neurodegenerative Diseases, Rheumatology, Fertility and Endocrinology. In addition, Merck Serono Ventures invests in companies developing innovative technologies that could enable the discovery and development of new products in its core therapeutic areas. For more information, visit www.merckserono.com
Auxogyn, Inc. is focused on advancing the field of reproductive health through its uniquely-combined knowledge of early human developmental biology, advanced computer vision technology and best clinical practices. The company's first product, Early Embryo Viability Assessment (Eeva), provides quantitative information regarding embryo development, to assist IVF clinicians in optimizing the treatment path for their patients undergoing IVF procedures. Auxogyn is privately held and funded by Kleiner Perkins Caufield & Byers, TPG Biotech and Merck Serono Ventures. For more information regarding Auxogyn please visit www.auxogyn.com.
SOURCE Auxogyn, Inc.