SAN JOSE, Calif., Oct. 1, 2019 /PRNewswire/ -- Meditrina, Inc., a women's healthcare company and the developer of the Aveta™ System for the treatment of various intrauterine pathologies such as polyps and fibroids, announced today that it has completed a $13 million equity financing. The financing was led by ShangBay Capital LLC and Aethan Capital, Inc.
The Aveta™ System is intended for hysteroscopic tissue chip resection under continuous flow conditions using a proprietary expandable working channel hysteroscope, combined with a fluid management and resection system, where the physician is able to control all parameters of the procedure and view it on a single monitor. Concurrent with the financing, William Dai, Founding Managing Partner of ShangBay Capital, will join the Meditrina Board of Directors.
"We are very excited about the potential of the Aveta™ System to establish a new gold standard in hysteroscopic resection procedures. Meditrina has developed multiple proprietary technology platforms including but not limited to, an expandable working channel hysteroscope, a high-speed mechanical oscillation mechanism, fluid control algorithm, and an HD CMOS visualization and fluid management system," said Mr. Dai.
Meditrina will use the proceeds from the financing to launch the US commercialization of the Aveta™ System that received U.S. Food and Drug Administration (FDA) 510(k) clearance in May 2019.
"On behalf of all of the shareholders in Meditrina, Inc., I welcome ShangBay Capital as a new investor and William as a new member of our Board," said Csaba Truckai, President and CEO of Meditrina, Inc.
According to the New England Journal of Medicine, approximately 1,000,000 women suffer from intrauterine polyp and fibroid related issues that requires surgical treatment.
About ShangBay Capital LLC
ShangBay Capital is a venture capital company that brings investors access to best-in-class investments in U.S. medical device technologies, biotechnology, and mobile healthcare sectors through early-stage venture equity participation.
SOURCE Meditrina, Inc.