Channel Medsystems raises $23.8m

Channel Medsystems raised $23.8 million in a new equity financing round, where it is seeking $29.5 million, according to an SEC filing.

The company is developing a global cryogen-based endometrial ablation technology system, with an initial application of endometrial ablation for women with heavy menstrual bleeding, Emeryville, Calif.-based Channel Medsystems said.

Channel Medsystems found 23 unnamed investors for this equity financing round, according to the filing. No information on what the funds will be used for has been released.

In 2013, medical device giant Boston Scientific (NYSE:BSX) led a $9.7 million Series B funding round for Channel Medsystems in support of its ablation technology.

Channel hopes to differentiate itself from existing GEA technologies by delivering ablation via a single-use, hand-held device, according to a press release.

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