Bengaluru: Women’s Healthcare startup, Channel Medsystem raises $22 million in series C round of funding led by Third Point Ventures along with new investor Longwood Fund. The funding round was also participated by Scientific Health Development, Aperture Venture Partners, InCube Ventures and Boston Scientific. As per the report, the company’s total fund raised comes to about $37.8 million as Channel previously raised $9.8 million in a series B round led by Boston Scientific along with $6 million in debt financing.
As part of the release, Channel Medsystems announces that Jason Hong, Ph.D., Third Point Ventures will be joining the company’s Board of Directors. The company is expecting to deploy the latest funds to start the pivotal study of its cryothermic technology and office-based endometrial ablation procedure (Therapy for Women with Heavy Menstrual Bleeding).
A clinical-stage medical technology company, Channel Medsystem was established in 2009 by Daniel R. Burnett in San Francisco with an endeavour to advance women’s healthcare. Since its operation, the company strives to build up treatments to meet the unique needs of female patients and the high standards of their healthcare providers. Currently, the company is developing proprietary cryo-ablation delivery technologies.
Concerning the latest financing, Ric Cote, President & CEO, Channel Medsystems says, “Channel Medsystems unique solution for heavy menstrual bleeding allows women to receive treatment in the comfort of their gynaecologist’s office rather than in a hospital or surgery center. Today, it is estimated that 85 percent of endometrial ablation procedures are performed in a hospital or surgery center. Our technology has the potential to shift this procedure exclusively to the office setting and make the current, heat-based ablation technologies obsolete”.
Dr. Daniel Burnett, Chairman, Channel Medsystems says, “The company has completed extensive clinical evaluations of its cryothermic technology, including a 40-patient feasibility study in Canada, which demonstrated that gynaecologists 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. The technology provides an effective treatment for women in the familiar and convenient setting of their gynaecologist’s office; it does not require capital equipment, enabling gynaecologists 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,” he adds.