AEGEA completes $13.3M private equity financing

AEGEA Medical Inc., developer of a novel, minimally invasive treatment for abnormal uterine bleeding, reported today that it has completed a $13.3 million private equity financing led by Covidien Ventures. Joining Covidien Ventures in this financing were existing investors Alloy Ventures and Delphi Ventures. The company also announced that Amy Belt, Director of Covidien Ventures, has joined AEGEA's Board of Directors.

"Capital raised will allow us to complete our product development effort and begin the next stage of clinical testing of our new global endometrial ablation system to treat abnormal uterine bleeding," commented Don Gurskis, General Manager of AEGEA. "We are pleased with our clinical results to date and look forward to providing a better option."

Abnormal uterine bleeding impacts one in four women of reproductive age and represents one of the largest and fastest growing commercial opportunities in the women's health market. Every year, 2.5 million new patients in the United States seek treatment for this disorder.

AEGEA's system utilizes vapor to rapidly ablate the uterine lining. The ability of the gas to conform to virtually any anatomy is intended to provide complete ablation. This simple minimally invasive procedure can be performed by a gynecologist in an office setting.

"We look forward to proving excellent clinical outcomes and are delighted to formalize our relationship with Covidien," said Doug Kelly, M.D., General Partner of Alloy Ventures.