Funds Will Expand Commercialization of Company's EnPlace® Approach to Minimally Invasive Prolapse Repair
TEL AVIV, Israel, Oct. 19, 2022 /PRNewswire/ -- FEMSelect, developer of EnPlace®, a minimally invasive, meshless approach to pelvic floor ligament fixation, announced today it has completed its US$9M Series B funding. The investment round was led by New Age Ventures and co-led by TriVentures, with participation from Robin Hood Ventures, Mid Atlantic Bio Angels (MABA), MEDA Angels, Keiretsu Forum Mid-Atlantic, RAD BioMed, Keiretsu Capital and Transpacific Venture Partners.
New Age Ventures is a globally active venture studio, based in New York, with actively managed investments across healthcare, medical devices, and digital health sectors, among others. Following its investment, New Age Ventures will join FEMSelect's Board of Directors. TriVentures, based in Israel and in Silicon Valley, is a global, healthcare venture capital fund which has led FEMSelect's financing since its inception.
FEMSelect's EnPlace® system's approach is cleared by the FDA for pelvic floor ligament fixation for the management of symptomatic uterine prolapse, a complication in the lives of nearly 50% of women over the age of 50. Current procedures are invasive and often involve removal of the uterus which many women want to avoid. The technology enables a minimally invasive approach in under 30 minutes and clinical studies have shown women can return to normal activities within just a few days.
The Series B Round will support the growth and market penetration of EnPlace®, primarily in the US. The financing comes on the heels of EnPlace®'s recent successful launches in the US and Israel and supported by favorable clinical data on EnPlace®'s apical repair success rate of 92.3% at four years as reported in the peer review International Journal of Gynecology and Obstetrics (https://obgyn.onlinelibrary.wiley.com/doi/epdf/10.1002/ijgo.14046).
FEMSelect partnered with leading women's healthcare company LiNA Medical USA and has been educating physicians on the technology over the past year. Earlier this year, EnPlace® obtained a procedure code from the Centers for Medicare and Medicaid Services (CMS) enabling healthcare facilities to receive reimbursement for the procedure. EnPlace® is currently available in more than 25 states across the US.
Debbie Garner, Co-CEO of FEMSelect, commented, "This investment is a testament to our team and the EnPlace® system. It enables us to expand the medical and patient communities and to serve many more women who are seeking a minimally invasive treatment option. This is a tremendous step forward for the company."
FEMSelect is a women-led company with a mission to make a lasting impact on women's health by delivering innovative technologies that provide consistent results in a patient-centric manner and dramatically improve outcomes for women. For more information about the EnPlace® system, please contact [email protected] or visit https://femselect.com.