MyoScience Inc. Raises $33 Million Series D Financing
3/21/2012 7:17:51 AM
REDWOOD CITY, Calif., March 21, 2012 /PRNewswire/ -- Venture-backed myoscience, Inc. announced that it closed on $33 million in Series D financing and anticipates a second tranche of up to $12 million dollars due to significant interest in the investment community. Myoscience is committed to making its platform technology, focused cold therapy (FCT), the pre-eminent treatment for conditions involving nerves. The company will use the proceeds of the current financing round to commercialize the first indication in Europe, which is a treatment to reduce 'dynamic facial lines,' more commonly referred to as forehead wrinkles. Toxin-free FCT is uniquely positioned to expand the aesthetic market for treatment of dynamic facial lines currently addressed by neurotoxins.
Myoscience's strategy is to establish FCT as a platform technology for multiple indications, starting with the treatment of dynamic facial lines. The company then plans to expand the technology into therapeutic indications for the focal treatment of pain and muscle disorders. The company believes the addressable aesthetic market is approximately $2 billion while the market for the focal treatment of pain and muscle disorders may be up to $9 billion.
"Our financing was significantly oversubscribed -- a marker, we believe, of our company's significant progress this year and potential in the near future," said Clint Carnell, myoscience President & CEO. "We look forward to commercializing our aesthetic indication in Europe, and believe that our natural, non-toxin approach will expand the entire category by pulling toxin-averse patients off the sidelines and into the doctor's office. With the platform complete we can now work with physicians to develop non-addictive, non-injectable treatments for various therapeutic applications in pain and muscle disorders, an equally exciting and compelling market for our unique technology."
The Series D financing included the following existing investors: Accuitive Medical Ventures, American Equities Overseas, DeNovo Ventures, Medicis Capital, Nexus Medical Partners, Saratoga Ventures, and Valiance.
Myoscience received CE Mark clearance and its Canadian market license in December 2011 for temporary treatment of wrinkles and the treatment of pain. The company recently submitted a 510k application for the treatment of pain with the U.S. Food and Drug Administration, and will shortly begin to enroll subjects in a pivotal trial to support FDA clearance for treatment of wrinkles. The technology is presently cleared in the U.S. for treatment of peripheral pain syndromes and use in general tissue ablation.
Redwood City, California-based myoscience is a privately-held medical device company committed to making its platform technology, focused cold therapy (FCT), the pre-eminent treatment for conditions involving nerves. FCT is currently approved in Europe and Canada for temporary wrinkle reduction, temporary pain reduction and treatment of dermatologic conditions and focal cryo-treatment of tissue. The myoscience technology has also been cleared in the United States for use in pain management and general surgical use. For more information, please visit www.myoscience.com.
Company Contact: Clint Carnell, 650/421-0605
Media Contact: Steve DiMattia, 646/201-5445