CHARLOTTESVILLE, Va.–(BUSINESS WIRE)–Contraline, Inc., a venture-backed medical device company devoted to providing men and couples with long-lasting, safe, and effective male contraception, has closed $10.7 million in its Series A financing. The financing round was led by MBX Capital, a venture capital firm that invests in early-stage healthcare and life sciences companies. Additional investors in Contraline include: Rhia Ventures, ShangBay Capital, Founders Fund, Metaplanet Holdings, Graphene Ventures, Smith Ventures, Jaffray Woodriff, and Jason Calacanis.
“I believe that Contraline’s product ADAM could be a game changer for men who want more control over their fertility as well as couples who struggle with their reliance on female contraception.”
This infusion of capital will support the initiation of a first-in-human trial of ADAM™, the world’s first hydrogel implant designed to provide long-lasting, non-permanent contraception for men. The ADAM hydrogel is injected into the vas deferens through a quick and minimally invasive outpatient procedure, where it’s designed to block the flow of sperm. Contraline has received ethics approval from the Human Research Ethics Committee based in Melbourne, Australia to conduct the study. The clinical trial will be conducted by renown urologists at two hospitals in Melbourne. This trial on ADAM is believed to be the first clinical trial on a non-hormonal male contraceptive device in over 20 years.
Read the full article at: www.businesswire.com
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