Healthcare Industry News: Uterine Fibroids
News Release - August 21, 2007
Mirabilis Closes $10.5 Million Series A Extension to Commercialize Non-Invasive Treatment of Uterine FibroidsSEATTLE--(HSMN NewsFeed)--Mirabilis Medica, a privately held medical device company, today announced the closing of a $10.5 million extension to its series A financing, which was originally led by Charter Life Sciences and vSpring Capital last year. The series A extension was led by Arboretum Ventures of Ann Arbor MI, and included Split Rock Partners, Dow Venture Capital, and an individual investor. The funding will be used to continue developing and testing its image-guided High Intensity Focused Ultrasound (HIFU) system for treatment of gynecological diseases.
Mirabilis' technology is designed to allow a physician to destroy pathological tissue deep inside the body without damage to intervening tissue, and to monitor effects with real-time ultrasound imaging -- all in a low-cost office setting. While this approach could address a variety of conditions, Mirabilis will initially target Uterine Fibroids, which cause cramps and bleeding in 25% of women of reproductive age (an estimated 16 million U.S. women). Fibroids account for one-third of the 600,000 annual U.S. hysterectomies -- a major invasive surgery with many side effects. It is estimated that one in three women have a hysterectomy by age 60. Yet most fibroid sufferers -- unwilling to submit to such a drastic procedure -- remain untreated.
"Arboretum is thrilled to support this endeavor," said Jan Garfinkle, managing director of Arboretum Ventures. "Fibroids are a huge unaddressed health issue for women, and we believe Mirabilis' talented team is developing a break-through solution."
"Our new investors bring a wealth of experience in commercializing medical devices, and we are gratified that they share our vision and confidence in the Mirabilis team," said CEO Mike Connolly.
About Mirabilis Medica
The mission of Mirabilis ("mir-RA-bi-lis") is to develop non-invasive solutions for conditions that have traditionally required invasive surgery. The company was founded in 2004 by Michael Lau, M.D., FACS, FACOG; Alexander Lebedev; and Shahram Vaezy, Ph.D. Dr. Vaezy was lead inventor of the company's patented technology, which was initially developed at University of Washington and exclusively licensed to Mirabilis. For more information, see www.mirabilismedica.com.
Source: Mirabilis Medica
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