Channel Medsystems Secures $22 Million Series C Financing Led by Third Point Ventures
Company Prepares to Initiate a Pivotal Study for its Novel, Office-Based Therapy for Women with Heavy Menstrual Bleeding
SAN FRANCISCO, Aug. 31, 2015 /PRNewswire/ -- Channel Medsystems today announced a $22 million Series C financing led by Third Point Ventures. Additional participants in the round included new investor Longwood Fund, joined by insiders Scientific Health Development, Aperture Venture Partners, InCube Ventures and Boston Scientific. Per the terms of this financing, Jason Hong, Ph.D., of Third Point Ventures will join the Company's Board of Directors.
Channel Medsystems' unique solution for heavy menstrual bleeding allows women to receive treatment in the comfort of their gynecologist's office rather than in a hospital or surgery center. "Today, it is estimated that 85% of endometrial ablation procedures are performed in a hospital or surgery center," said Ric Cote, President and CEO of Channel Medsystems. "Our technology has the potential to shift this procedure exclusively to the office setting and make the current, heat-based ablation technologies obsolete."
The Company has completed extensive clinical evaluations of its cryothermic technology, including a 40-patient feasibility study in Canada, which demonstrated that gynecologists can successfully and comfortably deliver the endometrial ablation procedure in their office without the need for conscious sedation. "We have an opportunity to deliver tremendous value to healthcare's three key stakeholders: patients, physicians and payers," said Dr. Daniel Burnett, the Company's Chairman. "The technology provides an effective treatment for women in the familiar and convenient setting of their gynecologist's office; it does not require capital equipment, enabling gynecologists to treat women in any exam room; and it is well known that the office is the least-expensive setting of care for patients, physicians and payers."
Channel Medsystems will use the Series C funds to initiate the pivotal study of its cryothermic technology and move closer towards commercialization of the first true, office-based endometrial ablation procedure.
About the Cryothermic Technology Platform: Channel Medsystems' novel cryothermic technology and streamlined delivery system were developed with feedback from leading clinicians and biomedical engineers at the healthcare incubator, Theranova. The technology integrates cryothermic energy and the user controls into a self-contained, handheld device, eliminating the need for a separate control unit or capital equipment.
About Channel Medsystems: Channel Medsystems is a venture-backed company that 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 patients 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 available for investigational use in Canada. It is not available for sale or investigational use in the United States.
SOURCE Channel Medsystems
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