Mirabilis Medica Restructures, Raises $10 Million Series A-1 Financing
6/18/2013 7:47:57 AM
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GSR Ventures is leading a $10 million restructuring round for Mirabilis Medica Inc. that will help the company drive a noninvasive treatment for uterine fibroids toward the market outside the U.S. GSR, a China-focused firm that seeks technologies that would appeal to the Chinese market, has been searching out opportunities in industries where U.S. investors have been pulling back, such as medical devices and clean technology, said Kevin Fong, a special adviser to GSR. Mirabilis's noninvasive treatment for uterine fibroids--noncancerous tumors that grow on the uterus wall--would be an alternative to more costly surgical procedures, Mr. Fong said. Products that reduce the cost of care are especially important in China because of the size of its population, he said. Mirabilis formed in 2004 and originally raised about $21 million from a group that included Arboretum Ventures, Charter Life Sciences, Dow Venture Capital, Split Rock Partners and vSpring Capital . But its original product required treatment times of about three to four hours, said Jens U. Quistgaard, its new chief executive.
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