Aegea Medical, a US-based endometrial ablation system developer backed by medical device maker Medtronic and life sciences real estate investment trust BioMed Realty, has raised $17m in financing.
The round was led by venture capital fund Solas BioVentures and unnamed affiliates, and took the company’s overall funding to $113m.
Aegea’s device uses water vapour to treat menorrhagia, a condition where patients suffer abnormally heavy and prolonged menstrual bleeding.
The company plans to use the capital to research the feasibility of preserving uterine cavity access following treatment, and to fund the commercial launch of its new vapor ablation system in 2019.
Maria Sainz, Aegea’s president and CEO, said: “This funding is an important milestone towards the commercialisation of our next-generation Adaptive Vapor Ablation system, as well as research into the feasibility of preserving uterine cavity access following treatment.”
In January this year, Aegea received $40m in financing from a consortium including Solas, Medtronic, BioMed Realty’s corporate venturing subsidiary, Biomed Ventures, hedge fund sponsor Perceptive Advisors and VC firms Alloy Ventures and Delphi Ventures.
Covidien, the medical device producer that merged with Medtronic in 2014, and seed investors Delphi Ventures and Alloy Ventures had already provided $2m of series A funding for Aegea in 2008, the same year the company secured $6m in debt financing.
The trio re-upped into Aegea’s $13.3m series B round three years later, and the company added $36m in a 2015 series C round featuring BioMed, Medtronic, Alloy Ventures, Delphi Ventures and Solas.