Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Novasys Medical raises $49.5 mil. for incontinence treatment: Expanded commercialization of Novasys' Renessa female stress urinary incontinence treatment will be funded by a recent $49.5 million "Series D" private placement of preferred stock, the company says. The funds will go toward continuing clinical studies of the 510(k)-cleared device and efforts to secure reimbursement for the procedure. The radiofrequency energy-based device uses controlled heat to denature collagen at multiple sites in the lower urinary tract to help increase tissue resistance to involuntary urine leakage, the company explains. The 20-minute, non-surgical treatment can be provided in a physician's office under local anesthesia. The privately held, Newark, Calif., company is conducting a post-market study to evaluate long-term effectiveness, as well as a study to evaluate Renessa in women for whom surgical procedures for SUI did not work. The condition affects 15 million women in the United States. The financing round was led by Versant Ventures, with ThreeArch Partners and Skyline Ventures also participating as new investors