Auxogyn Raises $18 Million In Series B Funding - Proceeds will Support First Regulatory Clearance and Commercial Launch of Eeva™ Test -
MENLO PARK, Calif., June 5, 2012 /PRNewswire/ -- Auxogyn, Inc., a privately-held company advancing women's reproductive health, today announced it raised $18 million through a Series B financing. The proceeds will be used to support regulatory clearance and commercial launch of Auxogyn's Early Embryo Viability Assessment, Eeva, a non-invasive test designed to provide objective information regarding the viability of embryos during in vitro fertilization (IVF) procedures.
The financing was led by new investor SR One and includes participation from all Series A investors, Kleiner Perkins Caufield and Byers, TPG Biotech and Merck Serono Ventures. In connection with the financing, Simeon J. George, M.D., partner at SR One, and Nilesh Kumar, Ph.D., director of Merck Serono Ventures, will join the board of directors.
"We are pleased with the high level of commitment and enthusiasm from our new and existing investors," said Lissa Goldenstein, president and chief executive officer of Auxogyn. "Auxogyn's Series B financing validates the strength of our accomplishments, our team and the strong clinical results using our proprietary Eeva products during IVF procedures. We look forward to securing CE Mark and subsequently introducing Eeva commercially in Europe during the second half of 2012."
SR One's Simeon George said, "Auxogyn's first product, Eeva, provides a predictive tool that will, for the first time in the IVF field, enable an objective, non-invasive assessment of embryo viability. We believe Eeva has the potential to improve infertility treatment and provide confidence to IVF clinicians and patients worldwide."
About the Eeva™ Test
Auxogyn's non-invasive, Early Embryo Viability Assessment (Eeva) Test is designed to improve IVF outcomes by providing clinicians and patients with objective information that will enable them to more confidently select embryo(s) for transfer. Eeva's proprietary software automatically analyzes embryo development against scientifically and clinically validated cell-division parameters. With Eeva's quantitative data for each embryo's potential development, IVF clinics may be able to optimize the treatment path for their patients undergoing IVF procedures. Auxogyn recently completed a multi-center, 160-patient clinical trial to validate the safety and efficacy of Eeva, and will use the results of the study for regulatory filings in Europe and the United States in 2012.
About SR One
SR One is the independent corporate venture capital arm of GlaxoSmithKline. The firm invests globally in emerging life science companies that are pursuing innovative science which will significantly impact medical care. Since 1985, SR One has invested in more than 140 companies, and its current portfolio includes approximately 30 private and public companies. For more information, visit www.srone.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, Eeva, is designed to provide 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, Merck Serono Ventures, SR One and TPG Biotech. For more information regarding Auxogyn please visit www.auxogyn.com.
SOURCE Auxogyn, Inc.