Publicly traded private equity firm American Capital has granted $15m finance to support the commercialisation of Halt Medical's minimally invasive medical device, designed for treating uterine fibroids.
Using a slender handpiece, the CE-marked Acessa system delivers radiofrequency energy to treat the fibroid, which is then re-absorbed by the surrounding tissue to preserve the normal function of the uterus.
The recent FDA approval of Acessa system, which was based on US and international trials, also enables gynecologists to treat symptomatic uterine fibroids, under laparoscopic ultrasound guidance, as well as use in percutaneous, laparoscopic coagulation and ablation of soft tissue.
Fibroids are the leading cause for hysterectomy procedures worldwide, according to the Centers for Disease Control.
Halt Medical chief executive officer Jeff Cohen said; "There was significant participation by existing investors, validating our work to address one of the largest unmet needs in women's health worldwide."
American Capital chief executive officer Malon Wilkus said the firm continues to be excited about the positive impact it will make in the field of women's healthcare.
"The high patient satisfaction and low re-intervention rates seen in Halt Medical's clinical studies provides the opportunity for the healthcare system to replace radical surgery, save billions of dollars and, most importantly, relieve debilitating pain in millions of women," Wilkus said.
Halt Medical said the minimally invasive device is also licensed for sale in Canada.