Impres Medical Inc. has raised $3 million from the sale of convertible debt and and stock options, according to documents recently filed with the Securities and Exchange Commission.
The start-up, based in Minnetonka, Minnesota, is developing an implantable device to stop severe cramping (dysmenorrhea) and heavy bleeding (menorrhagia) in women by “deactivating” the endometrium, the inner layer of tissue lining the uterus, which the body sheds during menstruation.
Specifically, the device, created by Minneapolis gynecologist Dr. Jim Presthus, contains a biocompatible material that causes tissue adhesion (the union of two opposing tissue surfaces) in the uterus. The technology can also be used to prevent pregnancies, according to documents filed with the U.S. Patent and Trademark Office.
Impres will the use the money to speed commercialization of the technology, which is already two years behind schedule and faces competition already on the market, said Brad Lehrman, a venture attorney who runs Portage Equity Capital Inc., the company’s main investor.
Impres has already raised $1.3 million during its Series A round of financing.
Other investors include Upper Lake Growth Capital, Sunflower Capital, Technology Funding Venture Capital, and private individuals.