Meditrina, Inc. completes $10M equity financing led by Deerfield
SAN JOSE, Calif., June 1, 2020 /PRNewswire/ -- Meditrina, Inc., a premier women's healthcare company and developer of the state-of-the-art Aveta™ System, for the treatment of intrauterine pathologies such as polyps, fibroids, and/or RPOC, announced today that it has completed a $10 million equity financing as a first tranche of a $20- million commercialization round. The financing was led by Deerfield Management Company. Steven Hochberg, a Partner at Deerfield, will join the Meditrina Board of Directors.
"We are very excited about the potential of the Aveta System which allows for full control of procedures by integrating resection devices with a fluid management system, providing more accuracy and procedural efficiency in comparison to the alternative approaches," said Mr. Hochberg.
Meditrina's Aveta™ System was developed by entrepreneurs with a history of developing leading products in various healthcare fields, including, but not limited to, the EnSeal® tissue sealing devices, the Symphion® bi-polar tissue resection device, and the Minerva endometrial ablation system.
"The Aveta System was designed with full flexibility and scalability to perform various procedures in any setting, whether in an operating room or in a physician's office," said Csaba Truckai, President and CEO of Meditrina. "For the first time, fully integrated electronic hysteroscopes and resection devices have been developed for single use, which is a key differentiator from other decades-old technologies on the market. Single-use systems will greatly reduce the chance of infectious disease cross-contamination that can arise from re-usable hysteroscopes. We believe our single-use systems will provide significant clinical benefits, as well as lower the costs of diagnostic and therapeutic procedures," added Mr. Truckai.
"The Aveta System distances itself over the competition given the direct operator control of distending fluid flow and pressure in the operative field, along with a camera system that continually self-corrects the orientation of the surgical field. The resection blade is second to none in its efficiency and speed of excising difficult to remove myomas," said Dr. Steve Balaloski, OBGYN at WomanKind Obstetrics and Gynecology in Columbus, Ohio.
"Once you experience the Aveta System in a hysteroscopic surgery, it is hard to go back to using the old systems. It is a truly innovative product that is far more effective and efficient than the other competing products which I have used for years. My staff and I find so much less frustration with set-up and implementation as well," said Dr. Elizabeth Coronado, OBGYN Women's Specialists of Plano, Texas.
Abnormal uterine bleeding (AUB) is a common gynecologic problem, estimated to affect up to 30% of women.¹ Endometrial polyps are common, affecting 7.8%–41% of women occurring in premenopausal and postmenopausal women,² and approximately 25% to 50% of women with fibroids are symptomatic.³
Meditrina will use the proceeds from the financing to expand U.S. commercialization of the Aveta™ System and to further develop its product portfolio.
About Deerfield Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.
About Meditrina, Inc. Founded in 2016, Meditrina, Inc. designs and develops innovative medical devices for minimally invasive gynecology. For more information, visit www.avetasystem.com.
Contact:Abbey Taylor
Director, Clinical Marketing
abbeyt@meditrina-inc.com
SOURCE Meditrina, Inc.
1 Arnold, Amy & Ketheeswaran, Ashradha & Bhatti, Mominah & Nesbitt-Hawes, Erin & Abbott, Jason. (2016). A Prospective Analysis of Hysteroscopic Morcellation in the Management of Intrauterine Pathologies. Journal of Minimally Invasive Gynecology. 23. 10.1016/j.jmig.2016.01.013.
2 Lee, S.C., Seibel, B. & Kaunitz, A.M. When Should Endometrial Polyps Be Treated?. Curr Obstet Gynecol Rep 1, 89–93 (2012).
3 Marsh, E. E., Al-Hendy, A., Kappus, D., Galitsky, A., Stewart, E. A., & Kerolous, M. (2018). Burden, Prevalence, and Treatment of Uterine Fibroids: A Survey of U.S. Women. Journal of women's health (2002), 27(11), 1359–1367.
Meditrina to Introduce Aveta™ System for Diagnostic and Therapeutic Hysteroscopy at 2019 AAGL
SAN JOSE, Calif., Nov. 8, 2019 /PRNewswire/ -- Meditrina, Inc. will launch the Aveta™ Hysteroscopy System at the 2019 American Association of Gynecologic Laparoscopists meeting.
The Aveta™ System is a new hysteroscopy platform that combines HD video, fluid management and tissue resection into one seamless system
SAN JOSE, Calif., Nov. 8, 2019 /PRNewswire/ -- Meditrina, Inc. will launch the Aveta™ Hysteroscopy System at the 2019 American Association of Gynecologic Laparoscopists meeting.
The Aveta™ hysteroscopy suite was designed to provide physicians with the best care in their diagnosis and treatment of endometrial polyps and uterine fibroids. The system seamlessly integrates into any operating, procedure, or exam room. This new hysteroscopy system is an all-in-one platform which includes the single-use Aveta™ Pearl Hysteroscope for myomectomy, and the single-use Aveta™ Coral Hysteroscope for polypectomy procedures with integrated tissue resection and fluid management capability. The Aveta™ Pearl Hysteroscope is the first single-use hysteroscope to include full physician control providing proprietary fluid management and video control function directly on the hysteroscope handle.
Both HD wide field of view Aveta™ Hysteroscopes include patented expandable working channel technology providing the largest working channel with the smallest insertion diameter on the market. Additionally, both Hysteroscopes contain a proprietary image orientation lock feature which constantly keeps the image in an upright position, thus eliminating awkward tubing, light cable, and camera head management, while ensuring a consistent frame of reference and ease of use for the physician, with minimal patient discomfort. The simplified setup of the integrated fluid management was designed to facilitate the nursing staff in supporting procedures with ease and reduce OR setup time. The Aveta™ Fluid Management was also cleared by the FDA to be used as a standalone fluid management system with selected standard hysteroscopes.
The proprietary Aveta™ 3.9mm Resecting Device, is capable of removing over 20g/min of fibroid tissue,¹ and Monday, November 11th at 12:17pm, Dr. Andrew Brill, will present, Comparison of Tissue Resection Rates of The MyoSure, TruClear, and Aveta Hysteroscopic Tissue Removal Systems. A Three-Arm, Bench Study, during Open Communications 3 Hysteroscopy, at the 2019 AAGL Meeting.
About Meditrina, Inc.
Founded in 2016, Meditrina, Inc. is a small research and development engineering startup which designs and develops innovative medical devices for minimally invasive gynecology. For more information, visit www.avetasystem.com.
References
1. Comparison of Tissue Resection Rates of the Myosure, Truclear, and Aveta Hysteroscopic Tissue Removal Systems. A ThreeArm, Bench Study
Brill, AI
Journal of Minimally Invasive Gynecology, Volume 26, Issue 7, S29 - S30
Meditrina, Inc. completes $13 million equity financing led by ShangBay Capital LLC and Aethan Capital, Inc.
Meditrina, Inc., a women's healthcare company and the developer of the Aveta™ System for the treatment of various intrauterine pathologies such as polyps and fibroids, announced today that it has completed a $13 million equity financing. The financing was led by ShangBay Capital LLC and Aethan Capital, Inc.
SAN JOSE, Calif., Oct. 1, 2019 /PRNewswire/ -- Meditrina, Inc., a women's healthcare company and the developer of the Aveta™ System for the treatment of various intrauterine pathologies such as polyps and fibroids, announced today that it has completed a $13 million equity financing. The financing was led by ShangBay Capital LLC and Aethan Capital, Inc.
The Aveta™ System is intended for hysteroscopic tissue chip resection under continuous flow conditions using a proprietary expandable working channel hysteroscope, combined with a fluid management and resection system, where the physician is able to control all parameters of the procedure and view it on a single monitor. Concurrent with the financing, William Dai, Founding Managing Partner of ShangBay Capital, will join the Meditrina Board of Directors.
"We are very excited about the potential of the Aveta™ System to establish a new gold standard in hysteroscopic resection procedures. Meditrina has developed multiple proprietary technology platforms including but not limited to, an expandable working channel hysteroscope, a high-speed mechanical oscillation mechanism, fluid control algorithm, and an HD CMOS visualization and fluid management system," said Mr. Dai.
Meditrina will use the proceeds from the financing to launch the US commercialization of the Aveta™ System that received U.S. Food and Drug Administration (FDA) 510(k) clearance in May 2019.
"On behalf of all of the shareholders in Meditrina, Inc., I welcome ShangBay Capital as a new investor and William as a new member of our Board," said Csaba Truckai, President and CEO of Meditrina, Inc.
According to the New England Journal of Medicine, approximately 1,000,000 women suffer from intrauterine polyp and fibroid related issues that requires surgical treatment.
About ShangBay Capital LLC
ShangBay Capital is a venture capital company that brings investors access to best-in-class investments in U.S. medical device technologies, biotechnology, and mobile healthcare sectors through early-stage venture equity participation.
http://avetasystem.com
SOURCE Meditrina, Inc.
Related Links
https://www.meditrina-inc.com/
Horizon Technology Finance Provides $5 Million Venture Loan Facility to Meditrina
A leading specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and cleantech industries, announced today it has provided a $5 million venture loan facility to Meditrina, Inc. ("Meditrina"), of which $3 million has been initially funded.
FARMINGTON, Conn., May 7, 2019 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and cleantech industries, announced today it has provided a $5 million venture loan facility to Meditrina, Inc. ("Meditrina"), of which $3 million has been initially funded.
Meditrina is a pre-FDA cleared medical device company focused on developing fully disposable endoscopes and an office-based platform that can address multiple procedures for gynecologists. Meditrina's core management team and Board of Directors have collaborated on projects for two decades and achieved multiple successful exits in the gynecology space. Meditrina will use proceeds for general corporate purposes.
"Meditrina is developing efficient solutions for the diagnosis and treatment of a variety of minimally invasive uterine procedures that can be performed in the comfort of a doctor's office, which will be of significant benefit and convenience to patients and physicians," said Gerald A. Michaud, President of Horizon. "We are pleased to add Meditrina to our life sciences portfolio and help facilitate their next step in the FDA clearance process, and commercialization of the company's system, Aveta."
"We are excited to partner with Horizon as we continue to make progress in securing FDA clearance for our Aveta system," said Csaba Truckai, Founder of Meditrina, Inc. "Aveta is intended for hysteroscopic diagnostic and therapeutic uterine procedures and conveniently combines viewing, fluid management and resection capabilities all into one system. With Horizon's investment, we will be able to further our development and accelerate commercial activities of the Aveta system."
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California, Reston, Virginia and Boston, Massachusetts. To learn more, please visit www.horizontechfinance.com.
About Meditrina
Founded in 2016, Meditrina, Inc. is a pre-FDA cleared medical device company focused on developing fully disposable endoscopes and an all-inclusive office-based or clinical visualization platform that can address multiple procedures for gynecologists. Their first system, Aveta, is intended for hysteroscopic diagnostic and therapeutic uterine procedures (i.e. removal of polyps and fibroids). The Aveta system combines viewing, fluid management and resection capabilities into one system versus standalone systems in the market today. To learn more about Meditrina, please visit www.meditrina-inc.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts:
Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450
Media Relations:
ICR
Brian Ruby
brian.ruby@icrinc.com
(203) 682-8268
SOURCE Horizon Technology Finance Corporation
Related Links
http://www.horizontechfinance.com
