Gynesonics Announces $67M Financing to Expand Commercialization of Sonata® Procedure
REDWOOD CITY, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) — Gynesonics® Inc., a women’s healthcare company focused on the development of minimally invasive solutions for symptomatic uterine fibroids, is pleased to announce that it has secured an incremental $42.5 million in financing (total of $67.2M inclusive of initial April 2023 financing). The round was led by existing Gynesonics investors Amzak Health, Endeavour Vision, Kaiser Permanente Ventures, Runway Growth Capital, and Bain Capital; with new investments coming from MVM Partners as well as several other healthcare investors excited about Gynesonics’ commercial advances.
“Gynesonics continues to lay a strong foundation for success, having achieved a number of important commercial milestones in the most recent quarters,” said Joyce Erony, General Partner, Amzak Health. “The Company is very well positioned to continue the acceleration of its growth going forward. Amzak Health and our fellow Gynesonics investors are very excited about the company’s prospects to become the leading long-term solution in the treatment of symptomatic fibroids.”
Hugo Harrod of MVM Partners, the newest venture capital fund investing in Gynesonics commented, “Uterine fibroids cause suffering to millions of women. MVM is glad to support Gynesonics in offering a uterus-preserving, incisionless alternative to hysterectomy and myomectomy.”
“This funding will enable Gynesonics to continue to expand commercial operations and provide millions of patients suffering from symptomatic fibroids a safe and efficacious minimally invasive treatment,” said Skip Baldino, President and CEO of Gynesonics. “With 275M+ U.S. covered lives (including 19 of the top 20 commercial payers) covering Sonata® and our new Category 1 code going live in January, we are excited to accelerate our commercial efforts in the U.S. as well as Europe.”
As pioneers in women’s health, Gynesonics is committed to developing and delivering minimally invasive, incision-free, uterus-preserving, transcervical technologies for diagnostic and therapeutic applications. Gynesonics’ flagship product, the Sonata System®, is the first FDA-cleared medical device for diagnostic intrauterine imaging and transcervical treatment of symptomatic uterine fibroids, a medical condition affecting roughly 80% of adult women. Prior to the Sonata System, fibroid removal was limited to invasive medical procedures, like a hysterectomy, which carries greater risk and significantly more recovery time.
Sonata’s innovative technology removes fibroids in a roughly 45-minute outpatient procedure with most patients resuming regular activity the next day, representing a significant medical advancement that makes treatment of the condition more accessible.
The Sonata System is CE-marked and is approved for sale in the European Union, the United Kingdom, Switzerland, and the United States. For more information on Sonata, visit www.sonatasystem.com. Gynesonics’ headquarters is in Redwood City, CA. For more information, visit www.gynesonics.com.
Tara Murphy, Senior Director, Global Marketing & Advocacy, Gynesonics, , (215) 620-3004
David Gutierrez, Dresner Corporate Services, , (312) 780-7204