MODIIN, Israel, June 24,
2024 /PRNewswire/ -- OCON Therapeutics, a World
Economic Forum Technology Pioneer at the forefront of
revolutionizing drug delivery, today announced the successful
completion of a $10 million
investment round led by RH Capital. This funding will enhance
OCON's ability to provide groundbreaking solutions for treating
prevalent uterine pathologies, reinforcing its vision to establish
a safer standard of care through its proprietary 3D drug delivery
system.
Pioneering Innovations in Uterine Health
OCON Therapeutics continues to lead in the development of
innovative drug delivery systems for tackling the most prevalent
pathologies in women's health. Leveraging its validated 3D stent
drug delivery frame IUB®, which has demonstrated safety and
usability in over 150,000 women with its IUB Ballerine®, OCON is
set to advance its IUB SEAD® and IUB PRIMA® assets, both designed
to tackle abnormal and heavy uterine bleeding, affecting 15% of the
global population (1 in 3 women), providing long-term hormonal and
short-term non-hormonal options for treatment.
The investment round, totaling $10
million, was led by RH Capital, with participation from
Features Capital, Astia Angels, Exerte Partners, grants from the
Israeli Innovation Authority and other business angels, all of whom
bring a wealth of expertise and a strong commitment to advancing
women's health solutions. This funding will accelerate OCON's
ongoing efforts to deliver cutting-edge solutions that meet the
unique needs of women, addressing an overall $35B market opportunity while promoting better
health outcomes and enhancing quality of life.
"Our mission at OCON Therapeutics is to create a new standard of
care and give women and physicians additional choices that are safe
and innovative," said Keren Leshem,
CEO of OCON Therapeutics, "we address the most prevalent uterine
pathologies, more common than diabetes or heart disease, while
ensuring targeted and lower-dose treatments to alleviate side
effects and minimize risks associated with surgeries or
non-compliance to oral medication."
"As a leader in the industry, OCON's financing milestone is a
tremendous accomplishment for Keren and the team. Features Capital
invested in OCON because we believe the IUB® is a revolutionary
platform for treating a variety of gynecological conditions
directly at the target tissue. At Features, we invest in and engage
with teams to create breakthrough solutions that radically
transform patient outcomes, improve health economics, and bridge
health inequities in multi-billion dollar global markets. OCON's
groundbreaking technologies align perfectly with our thesis of
Unlocking MedTech," said Jenny
Barba,
Co-Founder and Managing Partner of Features Capital.
Advancing Clinical Trials and Regulatory Approvals
OCON has successfully completed Phase 2b clinical studies for the IUB SEAD®, designed
to tackle abnormal and heavy uterine bleeding affecting 15% of the
population globally. The company is preparing to initiate a
USA pivotal study and will
commence discussions with the FDA through its IND submission.
The IUB PRIMA® is poised to address both long-term reversible
contraception and heavy menstrual bleeding with a
set-it-and-forget-it method that is highly effective for women.
With a proof-of-principle working prototype, this investment allows
OCON to advance the product, offering a transformative solution for
women's health that finally fit their anatomy.
OCON is dedicated to sustaining its legacy product, the IUB
Ballerine®, a leading choice for non-hormonal long-term
contraception. The company is finalizing MDR regulatory activities
to ensure continued availability across the EU, South America, and Canada. The IUB Ballerine® remains a preferred
solution for women aged 15 to menopause, thanks to its innovative
design and proven effectiveness.
Expanding to Treat Endometriosis and Uterine Fibroids
OCON is gearing up to initiate a Series A funding round which
will support expanding its product pipeline to tackle long term
endometriosis treatment through its IUB STELLA™ and uterine
fibroids using the same innovative sustained drug-releasing
platform with its IUB ADIRA™. By doing so, OCON will provide
healthcare professionals with a comprehensive suite of products for
uterine health and women more modern and safe choices,ensuring
versatile and effective treatments for a wide range of conditions
that affect up to 80% of women.
"This latest investment is a testament of our investors'
confidence in OCON's technology and strategic direction," added
Keren Leshem. "We are grateful to
our investors and excited to advance our clinical programs, expand
our product offerings, and bring our innovative solutions to more
women around the world."
About OCON Therapeutics
OCON Therapeutics is a women-led women's health company
dedicated to developing, manufacturing, and commercializing
innovative drug delivery systems based on the company's patented
IUB® (Intra-Uterine Ball) platform. Recognized as a World Economic
Forum Technology Pioneer, OCON is committed to providing physicians
with impactful and groundbreaking innovations for treating the most
prevalent uterine pathologies, with a focus on improving patient
outcomes and experiences.
For more information, please visit www.oconmed.com
Media Contact:
OCON Therapeutics
Email: info@oconmed.com
Phone: +972 72 21 50 105
Photo:
https://mma.prnewswire.com/media/2445949/Keren_Leshem.jpg
Logo:
https://mma.prnewswire.com/media/2445948/OCON_Therapeutics_Logo.jpg
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ocon-therapeutics-secures-10m-in-funding-to-revolutionize-womens-health-with-advanced-drug-delivery-solutions-302180059.html
SOURCE OCON Therapeutics