LIVERMORE, Calif., Feb. 11, 2012 /PRNewswire/ -- Halt Medical, Inc. announced today that it has closed on the first $20 million of a planned $50 million debt and equity financing.
"Leading the financing with the first $20 million is our long term investment partner American Capital Strategies (ACAS). American Capital's financial resources, global perspective and life science expertise has made them the perfect financing partner for Halt Medical. Following the lead of American Capital, other investors are climbing on board. We will be closing on another $10 million this quarter with the option for an additional $20 million," said Jeff Cohen, Halt Medical CEO.
Cohen added, "With fibroid approvals in Canada and Europe and expected soon in the U.S., it's time to focus our attention on building out our commercial organization. $50 million in fresh capital will enable us to launch the Halt Global Fibroid Ablation (GFA) System in major markets around the world."
Russ DeLonzor, President & COO added, "While many competitive products targeting uterine fibroids have been rejected by the medical community and regulators, we are seeing an overwhelming interest in Halt Medical's GFA product. This round of fundraising will be put to immediate use in building up the infrastructure required for us to meet one of the biggest unmet needs in women's health worldwide."
About Halt Medical, Inc.
Founded in 2004, Halt Medical is a medical device company focused on women's health. The company has developed a procedure and related equipment for treating uterine fibroids that is less expensive, more effective and less invasive than other alternatives - the Halt GFA System. In June 2010, the U.S. Food and Drug Administration cleared the Halt 2000GI™ Electrosurgical System for soft tissue ablation using radiofrequency energy. The results of Halt Medical's international studies have led to recent approvals for treating uterine fibroids in Canada and the European Union. The Halt System may be used for general surgical use in the U.S. The company recently completed a 137 patient IDE clinical trial at 11 sites in 3 countries to demonstrate clinical safety and efficacy in the treatment of symptomatic uterine fibroids. FDA clearance is expected this year. The Company is located in Livermore, CA.
Information about the Halt Fibroid Study and a list of clinical sites in the U.S. may be found at www.clinicaltrials.gov, study number NCT00874029.
SOURCE Halt Medical, Inc.