Auxogyn, Inc., a privately-held company focused on advancing women's reproductive health, has closed its first round of funding for a total of $20 million. Initial funding started in May 2010 and investors in the round include Kleiner Perkins Caufield and Byers, TPG Biotech and Merck Serono Ventures.
"As the leader in fertility, Merck Serono is committed to investing in innovative technologies to improve the chance of a successful IVF pregnancy," said Nilesh Kumar, director of Merck Serono Ventures. "This investment reflects our confidence in achieving this goal."
"Over the course of the last year, we have executed an aggressive operating plan in preparation for the commercialization of our first product, Eeva. Importantly, we expect to announce data from our five-site, 150-patient clinical study in the months ahead that will then be used as part of our regulatory filings in Europe and the United States," said Lissa Goldenstein, president and chief executive officer of Auxogyn.
Eeva is Auxogyn's non-invasive early embryo viability assessment system.
"In evaluating investments throughout the medical technology field, we were impressed with Auxogyn's unique approach of bringing scientific rigor and data analytics backed by a robust intellectual property portfolio and top-tier clinical advisors to a market in desperate need of improved results," said Mark Gudiksen, principal of TPG Biotech and member of Auxogyn's board of directors.
"Having developed its first product, initiated a substantive clinical study, and built a sound organizational infrastructure, Auxogyn has set the stage for an exciting 2012, springboarding toward commercialization in the latter half of the year," said Beth Seidenberg, M.D., partner at Kleiner Perkins Caulfield and Byers and a member of the Auxogyn board of directors.