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August 26th, 2005
Adiana, Inc., in its efforts to prepare its incision-free,
permanent birth control solution for market has raised $23 million in a Series D financing round. The round was led by Tullis-Dickerson
& Co., Inc. and also included OrbiMed Advisors LLC.
Paul Goeld, Adiana's CEO explained that the funds would
be used to complete the necessary trials and regulatory approvals for the new birth control solution, "These funds will allow
us to complete our clinical trial, obtain regulatory approval, and prepare for market launch next year. We are particularly
excited by the investments from Tullis-Dickerson and OrbiMed, world-class investment firms that understand the magnitude of
this opportunity. Joan Neuscheler and Jonathan Silverstein will provide a strong complement to the exceptional backgrounds
of our current board."
Adiana indicated that the company’s product is
now involved in a clinical trial that includes 600 women. The trial is expected to be completed in time to allow the company
to submit the results to the United States Food and Drug Administration for approval near the beginning of 2006.
August 12th, 2005
Conceptus Sets Pricing for $23 Million Placement
– to Support New Non-Incisional Permanent Birth Control
Conceptus, Inc. (NASDAQ:CPTS), which has developed an
alternative to incisional tubal ligation and vasectomies called the Essure non-incisional permanent birth control system,
announced that pricing for the approximately 3.2 million new shares of common stock it plans to offer to institutional and
accredited investors. The investors, which were listed as VantagePoint Venture Partners and Federated Investment Management
Companies (The Kauffman Fund) can expect to pay $7.20 per share, while the other accredited investors, certain officers and
directors of Conceptus, can expect to pay $8.00 per share.
The Essure procedure, which according to Conceptus could
replace up to 1 million incisional tubal ligation and vasectomies procedures each year in the United States alone, requires
that a soft micro-insert be placed into the fallopian tube through the cervix via a “minimally invasive transcervical
tubal access catheter.” The device is said to elicit tissue growth, which results in a blockage in the fallopian tube.
The procedure can be done without general anesthesia, and according to the company, lets the woman return home 45 minutes
after the procedure is completed. Essure, which was found to be 99.80 percent effective after four-years of follow-up and
99.74 percent effective after five years is still undergoing clinical trials for other follow-up patients.
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