Aegea Medical, Inc., a Redwood City, CA-based medical device company focused on the development of its proprietary and innovative water vapor treatment for abnormal uterine bleeding, closed $36m Series C financing.
Backers included existing investors Alloy Ventures, Delphi Ventures, and Covidien/Medtronic and new investors BioMed Ventures and Solas Bioventures.
The company intends to use the funds to complete the submission of its PMA application to seek FDA approval to market its endometrial ablation procedure to treat abnormal uterine bleeding.
Founded in 2008 and led by Don Gurskis, President and Chief Executive Officer, Aegea Medical is developing technology that utilizes convective water vapor to treat menorrhagia.
The AEGEA Vapor System delivers controlled, low-pressure natural water vapor to the uterine cavity to efficiently ablate the inner lining of the uterus. The technology enables delivery of adaptive water vapor in an office-based procedure designed to take minutes to complete and to provide a reduction or cessation of uterine bleeding and improved quality of life.