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Novasys Medical Secures $49.5 Million in Series D Financing to Expand Commercialization of its Renessar Treatment for Incontinence in Women
15 / 05 / 2008
Novasys Medical, Inc., a developer of innovative therapies in women's health, announced today that it has secured $49.5 million in Series D preferred stock financing. The round was led by Versant Ventures, with ThreeArch Partners and Skyline Ventures also participating as new investors. The round also included participation by existing investors Affinity Capital Management, Alloy Ventures, Delphi Ventures, GBS Venture Partners, INVESCO Private Capital, JP Morgan Partners (managed by Panorama Capital), and ONSET Ventures.
"We are very pleased that Versant, ThreeArch and Skyline, three of the best known and respected
venture capital firms in the Silicon Valley, have joined our top-tier group of existing investors," said
Debra Reisenthel, President and CEO of Novasys Medical. "This financing will enable the Company
to further its efforts to bring the innovative Renessar non-surgical treatment to women suffering
from stress urinary incontinence (SUI). The funds will allow us to continue our clinical studies as
well as secure reimbursement for the Renessa procedure."
Beckie Robertson, Managing Director with Versant Ventures and new member of Novasys' Board of
Directors, remarked, "Novasys Medical's Renessa System represents one of the most exciting
technologies in women's health in recent years. Women with SUI are looking for alternatives to
surgery and conservative therapies such as Kegel exercises. The limited availability of effective nonsurgical options has resulted in a huge unmet need and Renessa is uniquely positioned to address that need." Rich Lin has joined the Board of Directors for ThreeArch Partners and Steve Sullivan has
joined the Board representing Skyline Ventures.
Female Stress Urinary Incontinence
SUI is the involuntary leakage of urine associated with laughing, coughing, sneezing and recreational
activities. The condition is caused by a variety of factors, most commonly childbirth, and often
restricts the social, professional, and personal lives of an estimated 15 million women in the U.S.
alone. With currently available surgical and non-surgical SUI therapies, many patients and
physicians have concerns about safety, recovery, compliance, and/or effectiveness. Experts estimate
that 80% of women with SUI do not seek treatment of any kind because of these concerns.
The FDA-cleared Renessa System includes a small probe which a physician passes through the
natural opening of the urethra (transurethral). The probe heats multiple small treatment sites in the
submucosa of the bladder neck and upper urethra, denaturing collagen in the tissue, thereby reducing
or eliminating leaks. The Renessa treatment can be performed in the convenience of a physician''s
office using local anesthesia. There are no incisions, bandages or dressings required. Recovery is
rapid and comfortable, with minimal post-procedure limitations. To date, over 300 urologists,
urogynecologists and gynecologists have been trained and have performed the Renessa procedure in
over 2500 patients.
"We are very pleased that Versant, ThreeArch and Skyline, three of the best known and respected
venture capital firms in the Silicon Valley, have joined our top-tier group of existing investors," said
Debra Reisenthel, President and CEO of Novasys Medical. "This financing will enable the Company
to further its efforts to bring the innovative Renessar non-surgical treatment to women suffering
from stress urinary incontinence (SUI). The funds will allow us to continue our clinical studies as
well as secure reimbursement for the Renessa procedure."
Beckie Robertson, Managing Director with Versant Ventures and new member of Novasys' Board of
Directors, remarked, "Novasys Medical's Renessa System represents one of the most exciting
technologies in women's health in recent years. Women with SUI are looking for alternatives to
surgery and conservative therapies such as Kegel exercises. The limited availability of effective nonsurgical options has resulted in a huge unmet need and Renessa is uniquely positioned to address that need." Rich Lin has joined the Board of Directors for ThreeArch Partners and Steve Sullivan has
joined the Board representing Skyline Ventures.
Female Stress Urinary Incontinence
SUI is the involuntary leakage of urine associated with laughing, coughing, sneezing and recreational
activities. The condition is caused by a variety of factors, most commonly childbirth, and often
restricts the social, professional, and personal lives of an estimated 15 million women in the U.S.
alone. With currently available surgical and non-surgical SUI therapies, many patients and
physicians have concerns about safety, recovery, compliance, and/or effectiveness. Experts estimate
that 80% of women with SUI do not seek treatment of any kind because of these concerns.
The FDA-cleared Renessa System includes a small probe which a physician passes through the
natural opening of the urethra (transurethral). The probe heats multiple small treatment sites in the
submucosa of the bladder neck and upper urethra, denaturing collagen in the tissue, thereby reducing
or eliminating leaks. The Renessa treatment can be performed in the convenience of a physician''s
office using local anesthesia. There are no incisions, bandages or dressings required. Recovery is
rapid and comfortable, with minimal post-procedure limitations. To date, over 300 urologists,
urogynecologists and gynecologists have been trained and have performed the Renessa procedure in
over 2500 patients.