US-based medical device company Aegea Medical closed a $36m series C round yesterday featuring medical device maker Covidien/Medtronic and biotech real estate company BioMed’s corporate venturing arm, BioMed Ventures.
Venture capital firms Alloy Ventures, Delphi Ventures and Solas Bioventures also took part in the round.
Covidien, which merged with fellow medical device producer Medtronic in January this year, led Aegea’s $13.3m series B round in 2011, after participating in a $2m series A round in 2008 alongside Delphi and Alloy. Aegea also secured $6m in debt financing in 2008, according to regulatory filings.
Aegea has developed a water vapour-based treatment for abnormal uterine bleeding, a condition experienced by one in five women aged between 30 and 50 that is characterised by heavy or prolonged menstrual bleeding. Aegea’s treatment can be administered in minutes.
The company will use the series C funding to seek US Food and Drug Administration approval for its therapy.
Don Gurskis, president and chief executive of Aegea, said: “We sincerely appreciate the continued engagement and support of our investors as we move closer to realising Aegea’s vision of a new treatment approach that will transform the experience of gynaecologists and the millions of women they treat who suffer from abnormal uterine bleeding.”