Novocuff Raises $26 Million in Oversubscribed Series A Funding to Advance Technology Aimed at Reducing Preterm Births
17 Julio 2024 - 11:00AM
Business Wire
Novocuff, Inc., a medical device company dedicated to improving
pregnancy outcomes and reducing the risk of preterm birth, has
successfully closed an oversubscribed $26 million Series A funding
round after raising an initial $2 million seed round. AXA IM Alts,
through its Global Healthcare Private Equity Strategy, led the
round with a $14 million investment, alongside significant
participation from Laerdal Million Lives Fund, and continued
support from existing investors and new investors Laborie, RH
Capital, Avestria Ventures and March of Dimes. In conjunction with
the closing of the Series A financing, Curt LaBelle, Head of
Healthcare Private Equity at AXA IM Alts, Lilly deSouza Burr, Vice
President Global Health Investing at AXA IM Alts, and Becca
Shmukler, Principal at the Laerdal Million Lives Fund, have joined
Novocuff’s Board of Directors, which also includes Shacey Petrovic
as Chair of the Board.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240717930069/en/
Donald Lee (COO) & Amelia Degenkolb
(CEO), Novocuff Co-Founders (Photo: Business Wire)
Series A proceeds will support Novocuff's growth plans,
including the expansion of its team, execution of a U.S.
multi-center pivotal clinical trial, marketing authorization, and
early-stage commercialization. Novocuff welcomes new hires, Kathryn
Wine (Vice President of Clinical Affairs) and Marissa VanDeVeer
(Clinical Engineer), who are joining the effort to bring this
significant technology to market.
“We are thrilled to have the support of a strong and
mission-aligned group of investors as we enter this exciting next
phase of clinical development,” said Amelia “Amy” Degenkolb, CEO
& Co-founder of Novocuff. “This funding catalyzes our ability
to deliver a solution to a healthcare need for women, and their
families and healthcare providers.”
Preterm Premature Rupture of Membranes (PPROM) and cervical
shortening are leading causes of preterm birth, affecting millions
of families worldwide each year. Novocuff is pursuing a novel
approach in its effort to provide a solution to these critical
conditions. The company’s mission is to transform the standard of
care and improve pregnancy outcomes for women and their
newborns.
Novocuff has developed a groundbreaking medical device aimed at
stabilizing and closing the cervix to retain amniotic fluid and
sustain cervical length, with the goal of extending pregnancy.
“As the leading cause of infant mortality globally, preterm
birth is a serious unaddressed global health issue. The near and
long-term negative impacts on the patient, and the economic burden
on health systems, have created a pressing and dire situation.
Given the lack of solutions currently available to address this
significant global health challenge, we are thrilled to directly
contribute to Novocuff’s mission to improve pregnancy outcomes. We
have followed Novocuff since its founding and are excited about the
company’s progress and clinical data generated to date. Our
investment should enable completion of a U.S. pivotal trial and the
introduction of the Novocuff device to global markets, including
low- and middle-income countries. This aligns with our commitment
at AXA IM Alts of generating measurable and positive healthcare
outcomes alongside attractive long-term financial returns for our
investors,” said Curt LaBelle, Head of Healthcare Private Equity at
AXA IM Alts.
The investment into Novocuff from AXA IM Alts follows its
previous investment into Alydia Health, where Novocuff CEO &
co-founder Amy Degenkolb played a key role.
“Tragically, preterm birth is the number one cause of infant
mortality globally,” said Becca Shmukler, Principal at the Laerdal
Million Lives Fund. “When we first met co-founders Amy and Donald
and initially invested in the company, we were impressed by their
novel technology, expertise, and commitment to addressing this
sorely underserved market. Working with them across the last year
has only grown our conviction in Novocuff's potential to lower the
mortality burden associated with preterm birth - perfectly aligned
with the Laerdal Million Lives Fund's life-saving mission. With
this Series A financing, we are now looking forward to partnering
with mission-aligned investors like AXA IM Alts to continue to work
toward this goal.”
“Too many babies are born too soon, which is why preventing
preterm birth and potentially poor outcomes for mom and baby is
critical to March of Dimes,” said Eric Schaefer, Senior Director of
Portfolio Strategy and Mission Investment at March of Dimes. “The
investments we make through our Innovation Fund help to support the
development of new solutions such as Novocuff’s device, which we
hope will help address pregnancy complications that can lead to
preterm birth. We are encouraged by Novocuff’s progress to date and
look forward to the results from their upcoming clinical
trial.”
With the Series A funding secured, Novocuff is poised to
commence a multi-center U.S. pivotal clinical trial in early 2025.
Novocuff is underway with identification of potential clinical
trial sites; those interested should reach out for more
information.
About Novocuff:
Novocuff, Inc. is a medical device company dedicated to
improving pregnancy outcomes and reducing preterm births caused by
PPROM and cervical shortening. Preterm birth is the leading cause
of death for infants under the age of one. According to the World
Health Organization (WHO), preterm birth complications were
responsible for approximately 1 million deaths in 2020. The
Novocuff Cervical Control System (CCS) has been designed as a
simple device to address the complex problems associated with the
preterm conditions of PPROM and short cervix.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240717930069/en/
Info@novocuff.com