SAN FRANCISCO, May 2, 2013 /PRNewswire/ -- Channel Medsystems, Inc., named Ric Cote president and chief executive officer, and issued $9.7M of Series B Preferred Stock.
"Ric is an excellent fit due to our focus on creating the first truly office-based Global Endometrial Ablations technology," said prior CEO and co-founder Dr. Dan Burnett. "We are hoping he can replicate his success at Conceptus where he successfully built revenues of their office-based procedure to over $140 million per year."
The Series B financing was led by Boston Scientific Corporation, a leading innovator of medical devices and technologies. Investors in the round included; InCube Ventures, Aperture Ventures, Scientific Health Development II and STCM Ventures. Proceeds will be used to fund continued development of the company's novel cryogen-based Global Endometrial Ablation technology and on-going R&D and Clinical Regulatory efforts. Financial terms were not disclosed.
Global Endometrial Ablations (GEA) technologies are used to treat excessive menstrual bleeding as an alternative to more invasive surgical procedures. There are currently an estimated 400,000 GEA procedures performed each year in the United States, the vast majority of these procedures are performed in the operating room or Ambulatory Surgical Care setting. Patients are often provided anesthesia or conscious sedation adding additional complication and cost to procedures and making them difficult to deliver in the office setting.
Various procedures using cryo-based technologies already exist and are accepted as a standard of care in the medical community. Current technologies are often tethered to a piece of capital equipment and procedure times tend to be fairly long. Channel Medsystems' device is designed to use proprietary technology to quickly and safely achieve tissue ablating temperatures in a single use, self-contained, hand-held device.
"The technology platform developed by Channel Medsystems represents a significant step forward over existing cryo-delivery technologies. I am particularly excited by the cryo-endometrial ablation device and believe the technology will allow physicians to address the problem of heavy menstrual bleeding safely, comfortably and quickly in the office setting. This funding will provide Channel Medsystems the opportunity to finish development and clinically validate this disruptive technology breakthrough. I am excited to join the Channel Medsystems team," said Mr. Cote.
About Channel Medsystems, Inc.
Channel Medystems is a clinical-stage medical technology company based in San Francisco. The company is developing proprietary cryo-ablation delivery technologies. Channel Medsystems is currently focused on women's healthcare and addressing the problem of heavy menstrual bleeding. The company is the fifth spin-out of incubator TheraNova. For more information about the company, please visit www.ChannelMedsystems.com.
SOURCE Channel Medsystems, Inc.