From the Wires
Halt Medical Announces Financing To Support Commercialization Of Newly FDA Cleared Medical Device To Treat Uterine Fibroids
By: PR Newswire
Jan. 2, 2013 03:01 AM
LIVERMORE, Calif., Jan. 2, 2013 /PRNewswire/ -- Halt Medical, Inc. announced today that it has received $15 million of financing to support commercialization of the Acessa™ System, a newly FDA cleared medical device to treat uterine fibroids.
"We are delighted that American Capital, Ltd. has chosen to once again lead financing for this critical new medical device," stated Jeff Cohen, Halt Medical Chief Executive Officer. "Furthermore, there was significant participation by existing investors, validating our work to address one of the largest unmet needs in women's health worldwide."
Acessa System is a revolutionary new medical technology for treating millions of women suffering from uterine fibroids. Acessa is the only medical device that can be used by gynecologists to treat all fibroid symptoms and types. According to the Centers for Disease Control, fibroids are the leading cause for hysterectomy procedures worldwide. It's estimated that 97% of women with fibroids choose to suffer with their symptoms rather than having their uterus removed. Acessa is used in a minimally invasive same-day surgery procedure where a slender Handpiece is used to deliver radiofrequency energy to the fibroid, after which the fibroid is re-absorbed by the surrounding tissue.
In traditional fibroid surgery, layers of healthy tissue are cut through to gain access to the tumor or the uterus is removed entirely. This can lead to complications, significant pain, long recovery times and infertility. Acessa treats just the fibroids, preserving the normal function of the uterus. Patients typically go home the same day with little pain and experience rapid recovery and return to normal activities. Acessa is already being used to treat women at medical centers in Canada and Europe with outstanding results from three clinical studies.
"We continue to be very excited about our investments in Halt Medical and the positive impact we will make in the field of women's healthcare," stated Malon Wilkus, American Capital Chief Executive Officer. "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."
ABOUT HALT MEDICAL, INC.
Founded in 2004, Halt Medical is a medical device company focused on establishing a new standard of care for women with symptomatic uterine fibroids. The Company has developed and launched the Acessa System and Procedure, using radiofrequency energy to destroy uterine fibroids. The results of both U.S. and international trials have led to the clearance of the product by the FDA for use in percutaneous, laparoscopic coagulation and ablation of soft tissue, including treatment of symptomatic uterine fibroids under laparoscopic ultrasound guidance. As well, the System has CE marking in the European Union and is licensed for sale in Canada. The Company is located in Brentwood, CA. For information about the Acessa System, please visit www.haltmedical.com.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. American Capital manages $18.6 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $118 billion of total assets under management (including levered assets). From its seven offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from $10 million to $500 million. For further information, please refer to www.AmericanCapital.com.
SOURCE Halt Medical, Inc.
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