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Mirabilis
Raises $4 Million to Commercialize Non-Invasive Treatment of
Uterine Fibroids
SEATTLE, WA– AUGUST 29,
2006
Mirabilis Medica, Inc., a privately-held
medical device company, today announced the initial closing
of a $4 million Series A financing that will be used to complete
development, testing and introduction of its image-guided High
Intensity Focused Ultrasound (HIFU) system for treatment of
gynecological diseases. The financing was co-led by Charter
Life Sciences of Palo Alto and vSpring Capital of Salt Lake
City.
Offering a Non-invasive
Alternative to Surgery
The mission of Mirabilis (pronounced “ma-RA-ba-lis”)
is to develop non-invasive solutions for conditions that have
traditionally required invasive surgery. The company’s
patented technology combines the application of therapeutic
ultrasound (i.e. HIFU) under the guidance of conventional imaging
(or “diagnostic”) ultrasound. This leading-edge
technology is designed to allow the physician to accurately
target and destroy pathological tissue deep within the body
-- without cutting, puncturing or otherwise damaging normal
tissue, and while carefully monitoring effects with real-time
imaging. This unique ability to simultaneously see and
non-invasively treat could facilitate office-based therapy
for a wide variety of conditions; however Mirabilis will initially
address a common problem plaguing millions of women, i.e. uterine
fibroids.
Unmet Needs of
Fibroid Sufferers
Fibroids are an extremely common benign tumor in the
wall of the uterus, and the most frequent reason for hysterectomy. According
to the U.S. Dept. of HHS, 75% of women develop such tumors
prior to menopause, although many remain asymptomatic or undiagnosed. Currently
about 30% of women aged 25 to 45 have been diagnosed with fibroids,
leading 7% of women in this age group to eventually seek hysterectomy. Fibroids
can substantially impact quality of life, with symptoms including
heavy and prolonged menstrual bleeding, pelvic cramps, urinary
frequency and urgency, and pregnancy loss or infertility.
Annual U.S. spending on fibroids is estimated
to be $3.5 billion. Yet most sufferers remain untreated
due to limitations of existing therapies. Drugs are sometimes
prescribed, but produce only temporary improvement and frequent
side effects. The most effective treatment has been invasive
surgery -- hysterectomy (removal of uterus), or myomectomy
(removal of fibroids) -- but entails the risks of major surgery,
with prolonged recovery time and high cost. New therapies
include uterine artery embolization, in which pellets are injected
to block the fibroid’s blood supply – but drawbacks
include puncturing of major blood vessels, substantial postoperative
pain, and risk of reduced fertility. Transabdominal application
of HIFU under MRI guidance is another new alternative, but
the procedure is extremely expensive and time-consuming, and
not typically covered by insurance.
In contrast, Mirabilis’ non-invasive
approach is designed to allow effective treatment with minimal
pain, recovery time, and cost – and potentially without
the need for anesthesia. According to CEO Michael Lau,
M.D., “Mirabilis’ transvaginal image-guided HIFU
system is designed to allow fibroid sufferers to be treated
by their own physician in the office in about 30 minutes, and
resume normal activities in just a few days.”
Physicians who use Mirabilis’ system
will be able to efficiently perform several office-based procedures
in the same amount of time required for one typical hospital-based
surgery. And insurers could realize substantial savings
by offering physicians a global fee for this low-cost office-based
alternative to hysterectomy or myomectomy. According
to Dr. Lau, who is a gynecologic surgeon, “the Mirabilis
system creates a classic win-win scenario for physicians and
insurers. Of course, the ultimate winners are millions
of women suffering from fibroids. In Latin, Mirabilis
means miracle. For many women, what we offer may seem
like a miracle in its ability to improve their lives.”
“Charter Life Sciences is excited
about Mirabilis’ potential to make a significant impact
in women’s health,” said Nelson Teng, M.D., Ph.D.,
managing director of Charter Life Sciences. “The company
is applying truly innovative technology to offer the first
effective non-invasive treatment for fibroids.”
“vSpring is very enthusiastic about
the opportunity that Mirabilis represents and believes their
unique system offers a much-needed alternative to invasive
surgery for a variety of conditions,” said Mike Connolly
of vSpring Capital.
About Mirabilis
Mirabilis Medica, based in Seattle, was founded in 2004
by Michael Lau, M.D., FACS, FACOG, Alexander Lebedev, and Shahram
Vaezy, Ph.D. Dr. Vaezy was the lead inventor of the company’s
patented technology, which was initially developed at University
of Washington and exclusively licensed to Mirabilis. For
more information, see www.mirabilismedica.com
About Mirabilis' Investors
Charter Life Sciences is an early-stage venture capital firm whose Managing
Directors have been creating and building life science companies for twenty
years. The CLS team brings extensive scientific, clinical, regulatory,
operational and finance experience to help entrepreneurs build successful
companies. www.charterls.com
vSpring Capital is an early-stage venture
capital firm with $200 million under management. With offices
in Utah and New Mexico, vSpring invests in life science and information
technology companies that have the potential to transform their
markets and create lasting value. www.vspring.com
CONTACT:
Alexander Lebedev
Director of Operations,
(206) 313-4678
alebedev@mirabilismedica.com
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