Mirabilis Medica, a developer of ultrasound technology for treatment of uterine
fibroids, announced an initial closing on $7 million as part of a series A-1 financing of up
to $13 million led by GSR Ventures.The full announcement is below:
Mirabilis Medica, Woman’s Healthcare Company, Announces Initial Closing
In Financing Of Up To $13 Million Led By GSR Ventures
Capital Will Be Used To Conduct Clinical Studies and Accelerate Product Development
Jens U. Quistgaard is Appointed Chief Executive Officer
BOTHELL, WASHINGTON – June 17, 2013 – Mirabilis Medica, Inc., a women’s healthcare company which is developing non-invasive ultrasound technology for treatment of uterine fibroids, today announced an initial closing on $7 million as part of a series A-1 financing of up
to $13 million led by GSR Ventures. The initial closing included $4 million of new cash, and conversion of $3 million of notes to equity. Existing investor Charter Life Sciences also participated in the financing. Mirabilis will use the funding to advance research and
development with the goal of commercializing its proprietary high-intensity focused ultrasound (HIFU) technology. Successful medical device entrepreneur Jens U. Quistgaard has taken the role of Chief Executive
Officer with the company.
“Mirabilis is in an excellent position to commercialize a very important technology that has the potential to improve care for millions of women worldwide,” said Kevin Fong of GSR Ventures. “We are very pleased to have Jens moving into the CEO role, given his strong track record and industry expertise.”
“It is estimated that up to 25% of all women will have uterine fibroids that cause pain, excessive bleeding, or other symptoms at some point in their lives. Only a fraction of these women receive effective treatment, and many of those are treated with procedures that result in infertility.” said Jens U. Quistgaard, Mirabilis Chief Executive Officer. “With this financing, the resources are in
place to conduct clinical studies and accelerate product development that will move us closer to commercialization of what we believe is a promising therapy for a truly underserved patient population.”
About Mirabilis Medica, Inc.
Mirabilis is dedicated to improving the treatment of symptomatic uterine fibroids using its proprietary high-intensity focused ultrasound (HIFU) technology. Founded in 2004, Mirabilis is currently developing a non-invasive system for this purpose, and is conducting clinical studies outside of the United States. The Mirabilis system has not been approved for sale or use by the US Food and Drug Administration.
About GSR Ventures
GSR Ventures is an early-stage venture capital firm focused on building world-class technology and healthcare companies with substantial markets in China. The firm invests primarily in the Internet, wireless, green technology and semiconductors sectors, and has a dedicated team focused on healthcare opportunities. Founded in 2004, GSR has more than 50 companies in its portfolio and more than $1 billion under management. For more information, visit www.gsrventures.com.
About Charter Life Sciences
Charter Life Sciences (“CLS”) is a life sciences venture capital firm that provides capital to companies that are seeking initial capital to develop innovative products for significant unmet medical needs. The CLS team draws on its extensive medical, operational and start-up company experience to work collaboratively with its portfolio companies to develop their clinical, operational and financing strategies. For more information, visit www.clsvc.com.
Mirabilis Medica, Inc.
Jens U. Quistgaard
Charter Life Sciences