Channel Medsystems today announced a 22 million Series C financing led by Third Point Ventures Additional participants in the round included new investor Longwood Fund joined by insiders Scientific Health Development Aperture Venture Partners InCube Ventures and Boston Scientific Per the terms of this financing Jason Hong Ph D , of Third Point Ventures will join the Company’s Board of Directors
Channel Medsystems unique solution for heavy menstrual bleeding allows women to receive treatment in the comfort of their gynecologist’s office rather than in a hospital or surgery center Today it is estimated that % of endometrial ablation procedures are performed in a hospital or surgery center said Ric Cote President and CEO of Channel Medsystems Our technology has the potential to shift this procedure exclusively to the office setting and make the current heat-based ablation technologies obsolete ‘
The Company has completed extensive clinical evaluations of its cryothermic technology including a 40-patient feasibility study in Canada which demonstrated that gynecologists can successfully and comfortably deliver the endometrial ablation procedure in their office without the need for conscious sedation We have an opportunity to deliver tremendous value to healthcare’s three key stakeholders patients physicians and payers said Dr Daniel Burnett the Company’s Chairman The technology provides an effective treatment for women in the familiar and convenient setting of their gynecologist’s office it does not require capital equipment enabling gynecologists to treat women in any exam room and it is well known that the office is the least-expensive setting of care for patients physicians and payers ‘
Channel Medsystems will use the Series C funds to initiate the pivotal study of its cryothermic technology and move closer towards commercialization of the first true office-based endometrial ablation procedure
About the Cryothermic Technology Platform Channel Medsystems novel cryothermic technology and streamlined delivery system were developed with feedback from leading clinicians and biomedical engineers at the healthcare incubator Theranova The technology integrates cryothermic energy and the user controls into a self-contained handheld device eliminating the need for a separate control unit or capital equipment
About Channel Medsystems Channel Medsystems is a venture-backed company that was founded to bring innovation to the delivery of women’s healthcare The Company strives to develop treatments to meet the unique needs of female patients and the high standards of their healthcare providers Channel Medsystems is committed to ensuring that patients have access to high quality outcomes that can be delivered in the convenience and comfort of their healthcare provider’s office For more information please visit www channelmedsystems com
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