Femasys Inc., a developer of innovative medical devices for the women's healthcare market has raised a $10.2 million financing round. The investor group was led by Legacy Capital Partners and Mario Family Partners, the family offices of life sciences industry veterans John Adams, Jr. and Dr. Ernest Mario. Joining the Company's board of directors is Mr. Adams, former CEO of Adams Respiratory Therapeutics. Salem Partners, a Los Angeles based investment bank focused on life sciences, advised the Company on the transaction and participated as a principal investor.
Femasys has developed a groundbreaking non-surgical female sterilization device (FemBloc™ Permanent Contraceptive System) that allows physicians to deliver exclusively in their office a biomaterial through a catheter based system to permanently block the fallopian tubes that substantially reduces patient risks and costs by eliminating the use of anesthesia and permanent implants. The company has also expanded options for women with its two commercially available products for diagnosis of infertility (FemVue® Saline-Air device) and cervical cancer (FemCerv® Endocervical Sampler) that present significant advantages for the patient, physician and healthcare system.
"We are pleased to have the support and confidence of this esteemed group of investors," said Kathy Lee-Sepsick, Femasys' President and CEO. "This round of funding will enable Femasys to invest in the people and programs necessary to achieve the Investigational Device Exemption (IDE) milestone for FemBloc and expand commercialization globally for our diagnostic products to allow women access to better options when it comes to managing their health needs."
"Femasys fills an important and significant gap in the women's healthcare continuum," said John Q. Adams, Jr., Legacy Capital Partners. "We believe that both physicians and patients will have great interest in the innovative new technologies and that we can provide value to the company through our highly experienced investor syndicate."
Source: Metro Atlanta CEO, http://metroatlantaceo.com/news/2015/04/femasys-completes-102-million-series-b-financing-round/