NEW YORK, Sept. 9, 2021 /PRNewswire/
Channel Medsystems, Inc. (“Channel” or “Company”) and InnovaHealth Partners, LP (“InnovaHealth”) jointly announced that InnovaHealth has made a growth equity investment in Channel and acquired a significant interest in the Company. Channel legacy investors, including Third Point, Longwood Fund, and GPG Ventures, also participated in the financing. The growth capital will support the commercialization of Channel’s innovative Cerene® Cryotherapy Device for the treatment of heavy menstrual bleeding (“HMB”). Based in Berkeley, California, Channel is committed to bringing innovation and new technology to better serve gynecologists and women’s healthcare in the office setting.
Ric Cote, Channel President and CEO, commented, “The Channel team is very pleased to have InnovaHealth as a financial partner and lead investor. This investment clearly demonstrates the vision and commitment to women’s healthcare by the InnovaHealth team and will be critical to the success of our ongoing market launch of the Cerene device.”
The launch of Cerene culminates more than 10 years of research, development, and clinical testing and validates Channel’s vision to bring a safe, effective, and convenient treatment for heavy menstrual bleeding to women that can be performed in the office setting. Unlike current heat-based global endometrial ablation devices, Cerene utilizes cryoablation, or the use of extreme cold temperatures, to treat the uterine lining. Channel’s 242 patient CLARITY Pivotal Study demonstrated that the Cerene device and procedure is safe and effective with important benefits that include: low reported pain scores allowing patients to be comfortably treated in the physician’s office; preserved access and ability to assess the uterine cavity post-treatment facilitating future patient care; and high procedure convenience with a self-contained, completely disposable device and without the need to purchase capital equipment.
Mortimer “Tim” Berkowitz III, President and CEO of InnovaHealth Partners, added, “We share the enthusiasm of Ric Cote and the Channel team and we look forward to supporting the global launch of Cerene and future Channel innovations to address women’s health needs.”
Barbara Levy, MD, FACOG, FACS and respected advocate for advances in women’s health, commented, “I am very excited that the Channel Cerene device is now going to be available to gynecologists and their patients. The robust results of the rigorous FDA-reviewed CLARITY clinical study demonstrated that Cerene represents an important and highly effective addition to the armamentarium of treatments available to the many women who suffer from HMB”.
About InnovaHealth Partners – Based in New York, InnovaHealth Partners, LP is a leading private equity firm providing growth capital to the medical technology industry. The firm focuses on a diversified portfolio of lead investment positions and collaborates closely with each management team. Mortimer “Tim” Berkowitz and Richard (“Dick”) Emmitt have joined the Channel Medsystems Board of Directors.
About Channel Medsystems®- Channel Medsystems® is a privately-held company founded to bring innovation to the delivery of women’s healthcare. Channel strives to develop treatments to meet the unique needs of female patients and the high standards of their healthcare providers. Channel Medsystems® is committed to ensuring that women have access to high quality outcomes that can be delivered in the convenience and comfort of their healthcare provider’s office. For more information, please visit www.cerene.com or email email@example.com.
Megan Bouchier / Leah Polito
Sard Verbinnen & Co.