Miramar Labs Secures $10 Million in Series D Funding
New funding to accelerate global sales and product development
SUNNYVALE, Calif., February 12, 2014-- Miramar Labs®, Inc., a leading medical device manufacturer and maker of the miraDry® System, announced today it has raised $10 million in Series D funding from Aisling Capital, Cross Creek Capital, Domain Associates, Morgenthaler Ventures, and RusnanoMedInvest. The new investment will be used to expand sales activities around the world, support commercialization efforts in Europe given the recent CE Mark approval and support R&D efforts on products for new indications.
"We have been very pleased with our growth in 2013 as awareness of the miraDry Procedure increased significantly here in the U.S. and internationally," said R. Michael Kleine, president and CEO of Miramar Labs, Inc. "Not only will this new round of funding enable us to expand our commercialization and global sales efforts, providing the only non-invasive and lasting treatment option for unwanted underarm sweat, but it will also allow us to accelerate the development and introduction of important new technology platforms in the near future."
The miraDry System delivers energy non-invasively to the area under the arm where the sweat glands reside, creating localized heat to destroy and eliminate the glands. Since sweat glands do not regenerate, results are lasting. Previously published studies have shown the treatment to be highly effective while delivering over 90% patient satisfaction.
Each miraDry procedure takes approximately one hour in the doctor's office. The full treatment plan typically requires no more than two procedures for optimal results. miraDry is safe and results are immediate. Since the procedure is non-invasive, there is little to no downtime, so patients can go about their normal routine after treatment. The miraDry treatment provides a significant improvement from previously available alternatives which have required surgery, or injection therapies that provide only temporary relief.
For more information, visit the miraDry website at www.miraDry.com, or follow miraDry on Facebook/miraDry and Twitter @miraDry.
About Miramar Labs:
Founded in 2006, Miramar Labs is a privately owned medical device company dedicated to bringing the next generation energy modality to the field of dermatology. Miramar Labs is the tenth company created by The Foundry, a leading medical device incubator based in Menlo Park, California. Supported by rigorous clinical research, Miramar Labs is focused on addressing medical conditions for which there are significant unmet clinical needs. Their first priority is the treatment of excessive underarm sweat, a medical condition that significantly affects the quality of life of millions of people. Physicians and patients are encouraged to visit www.miraDry.com for additional information about Miramar Labs and the miraDry Procedure.
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