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.
| 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, 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 Photo: https://mma.prnewswire.com/media/2445949/Keren_Leshem.jpg
SOURCE OCON Therapeutics |
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