The $10 million funding round headed by RH Capital and including Features Capital, Astia Angels, Exerte Partners, grants from the Israeli Innovation Authority, and angel investors was successfully concluded by the Israeli femtech startup OCON Therapeutics. Up to this point, the company has raised $40 million in total, including the latest investment.
Over 150,000 women have utilised OCON’s unique Ballerine IUD (intrauterine device), one of the company’s most well-known targeted health products.
The Ballerine, a non-hormonal IUD, was designed with a novel idea in mind: creating an IUD that was smaller, more suited to the uterine chamber, circular with no sharp edges, and composed of flexible plastic rather than stiff. Compared to other IUDs, it is far safer and requires a less intrusive and unpleasant implantation.
“Our mission at OCON Therapeutics is to create a new standard of care and give women and physicians additional choices that are safe and innovative,” said CEO Keren Leshem in the company’s press release. “We address the most prevalent uterine pathologies, more common than diabetes or heart disease, while ensuring targeted and lower-dose treatments to alleviate side effects and minimize risks associated with surgeries or non-compliance to oral medication.”
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OCON plans to use this additional cash to broaden the scope of its treatment offerings to include emerging treatments for endometriosis, uterine fibroids, and abnormally thick or bleeding uterus.
“This latest investment is a testament of our investors’ confidence in OCON’s technology and strategic direction,” added Leshem. We are grateful to our investors and excited to advance our clinical programs, expand our product offerings, and bring our innovative solutions to more women around the world.”
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Women’s health issues have a huge, mainly unexplored market with little competition. A $2 billion market exists for endometriosis treatment and solutions, which affect 5% of the population (1 in 10 women); a $6 billion market exists for heavy/abnormal bleeding, which affects 15% of the population (1 in 3 women); and a $5 billion market exists for uterine fibroids, which affect 35% of the population (7 out of 10 women).
About OCON Therapeutics
OCON Therapeutics aims to improve the lives of women worldwide by creating safe, cutting-edge intrauterine medical solutions that are modelled after the anatomy and bodies of women.
