US-based menstrual bleeding therapy developer Channel Medsystems raised $14.1m yesterday in a series C-1 round that included medical device producer Boston Scientific.
The round also featured Third Point Ventures, the venture capital arm of investment adviser Third Point, as well as VC firms InCube Ventures and Aperture Venture Partners, boutique investment firm Scientific Health Development and medical-focused fund Longwood Fund.
Spun out of medical device incubator TheraNova, Channel Medsystems is developing a cryotherapy device called Cerene that will treat heavy menstrual bleeding through cyoablation, a process that uses extreme cold to destroy tissue.
Channel Medsystems aims to treat the bleeding while avoiding the scarring and intrauterine adhesions associated with heat-based treatments. It expects to receive regulatory approval for the device soon and the series C-1 capital will support preparations for a commercial launch.
The round took the company’s total equity funding to approximately $46m. Boston Scientific led its $9.7m series B round in 2013, investing alongside InCube Ventures, Aperture Ventures, Scientific Health Development and STCM Ventures.
Channel Medsystems subsequently raised $22m in an August 2015 series C round led by Third Point Ventures that included all of the other series C-1 investors.
Ric Cote, president and chief executive of Channel Medsystems, said: “We remain focused on delivering an exceptional device and treatment experience to women and their physicians, and we appreciate the continued support of our investors in this process.”