US women’s health medtech Channel Medsystems has announced it has reached $30m in its ongoing Series C funding as it looks to expand access to its treatment for heavy menstrual bleeding and period pain.
The financing was led by healthcare-focused private equity firm InnovaHealth Partners, which has backed the company since 2021.
Channel Medsystems will use the funding to expand the commercial rollout of Cerene, its non-hormonal endometrial cryotherapy treatment, following the product’s commercial relaunch.
Nelson Whistance, president and chief executive of Channel Medsystems, said the investment reflected growing confidence in the company’s commercial strategy and the market opportunity for Cerene.
“This Series C investment represents increasing investor confidence in our updated commercial strategy and the significant market opportunity that exists for our Cerene platform,” he said.
“We are encouraged by those in the investor community, and IHP in particular, who continue to recognize the significant opportunity in the women’s health sector to improve lives, and drive a significant return for all stakeholders.”
Expanding access to Cerene
Heavy menstrual bleeding can significantly affect quality of life, yet current treatment options can involve long-term medication including hormonal therapies, endometrial ablation or surgery depending on the underlying cause and severity.
Cerene is designed for premenopausal women experiencing heavy menstrual bleeding due to benign causes who have completed childbearing. The treatment uses cryotherapy to treat the lining of the uterus, with the aim of reducing menstrual bleeding and dysmenorrhea.
The incision-free procedure takes around two and a half minutes and can be carried out in an office or outpatient setting without general anaesthesia. According to the Cerene website, clinical outcomes include 90% of patients reporting normal, light, or no periods after Cerene and 86% reporting a reduction in cramping.
Channel Medsystems said the new funding will be used to grow its commercial team, increase awareness among physicians and patients and expand professional education and training. It will also support further clinical evidence generation and market development.
“Channel Medsystems is addressing a significant unmet need in women’s health through innovative technology backed by strong clinical evidence and an experienced leadership team,” said Mortimer “Tim” Berkowitz III, founder and managing partner of InnovaHealth Partners.
“We are excited to support the company’s continued growth and believe Cerene is the most advanced treatment option for women seeking a minimally invasive alternative for heavy menstrual bleeding and pain.”