Novocuff, a medical device company dedicated to improving pregnancy outcomes and reducing the risk of preterm birth has raised oversubscribed $26 million Series A funding after raising an initial $2 million seed round.
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AXA IM Alts, through its Global Healthcare Private Equity Strategy, led the round with a $14 million investment, alongside significant participation from Laerdal Million Lives Fund, and continued support from existing investors and new investors Laborie, RH Capital, Avestria Ventures and March of Dimes.
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In conjunction with the closing of the Series A financing, Curt LaBelle, Head of Healthcare Private Equity at AXA IM Alts, Lilly deSouza Burr, Vice President Global Health Investing at AXA IM Alts, and Becca Shmukler, Principal at the Laerdal Million Lives Fund, have joined Novocuff’s Board of Directors, which also includes Shacey Petrovic as Chair of the Board.
The money from Series A will help Novocuff with its growth objectives, which include hiring more people, building a multi-centre pivotal clinical trial in the United States, getting marketing authorization, and beginning early-stage commercialization. Marissa VanDeVeer, a clinical engineer, and Kathryn Wine, a vice president of clinical affairs, are new hires at Novocuff who will be contributing to the effort to bring this important technology to market.
“We are thrilled to have the support of a strong and mission-aligned group of investors as we enter this exciting next phase of clinical development,” said Amelia “Amy” Degenkolb, CEO & Co-founder of Novocuff. “This funding catalyzes our ability to deliver a solution to a healthcare need for women, and their families and healthcare providers.”
“As the leading cause of infant mortality globally, preterm birth is a serious unaddressed global health issue. The near and long-term negative impacts on the patient, and the economic burden on health systems, have created a pressing and dire situation. Given the lack of solutions currently available to address this significant global health challenge, we are thrilled to directly contribute to Novocuff’s mission to improve pregnancy outcomes. We have followed Novocuff since its founding and are excited about the company’s progress and clinical data generated to date. Our investment should enable completion of a U.S. pivotal trial and the introduction of the Novocuff device to global markets, including low- and middle-income countries. This aligns with our commitment at AXA IM Alts of generating measurable and positive healthcare outcomes alongside attractive long-term financial returns for our investors,” said Curt LaBelle, Head of Healthcare Private Equity at AXA IM Alts.
“Too many babies are born too soon, which is why preventing preterm birth and potentially poor outcomes for mom and baby is critical to March of Dimes,” said Eric Schaefer, Senior Director of Portfolio Strategy and Mission Investment at March of Dimes. “The investments we make through our Innovation Fund help to support the development of new solutions such as Novocuff’s device, which we hope will help address pregnancy complications that can lead to preterm birth. We are encouraged by Novocuff’s progress to date and look forward to the results from their upcoming clinical trial.”
About Novocuff
Novocuff, Inc. is a medical device company dedicated to improving pregnancy outcomes and reducing the risk of preterm birth. Novocuff has developed a groundbreaking medical device to address the complex problems associated with the preterm birth conditions of PPROM and short cervix. The Novocuff Cervical Control System (CCS) has been designed with the goal of stabilizing and closing the cervix to retain amniotic fluid and sustain cervical length, with the aim of extending pregnancy.
