Gynesonics Raises $67.2 Million to Further Commercialize Innovative Uterine Fibroid Device; Follows Rash of Positive Coverage Decisions for the Technology
11-6-23 (by: Scott Gleason) Gynesonics Inc. announced the company has secured an additional $42.5 million in financing, bringing the total to $67.2 million, including the initial funding received in April 2023. The round of financing was led by existing Gynesonics investors, including Amzak Healthcare, Endeavour Vision, Kaiser Permanente Ventures, Runway Growth Capital, and Bain Capital. The funding will be used to expand the company’s commercial operations.
Gynesonic’s Sonata Systemis the first FDA-cleared medical device for diagnostic intrauterine imaging and transcervical treatment of symptomatic uterine fibroids. The device allows for the removal of fibroids through a minimally invasive, outpatient procedure lasting approximately 45 minutes. Most patients can resume regular activities the day after the procedure.
Gynesonics has made significant commercial progress with FDA approval of its next generation device in 2021. Additionally the company has received reimbursement coverage by Medicare and a number of large payers including a recent decision over the summer by UnitedHealthcare, the largest commercial payer in the United States. 26 million women between 15 and 50 have uterine fibroids in the U.S. with 15 million of them experiencing symptoms and health concerns. Treatment for severe cases can often be a hysterectomy. Gynesonics technology offers a uterus-preserving, incisionless alternative to hysterectomy and myomectomy.
Hugo Harrod of MVM Partners, one of the latest investors in Gynesonics, emphasized the importance of providing an alternative solution for uterine fibroids. These fibroids affect millions of women and can have a significant impact on their quality of life. MVM Partners is proud to support Gynesonics in their mission to provide a safe, minimally invasive treatment option.