3i announces sale of OneMed generating proceeds of c. £100 million

3I

 

3i Group plc (“3i”), and funds managed by 3i, have entered into a sale and purchase agreement to sell their investment in OneMed, the leading medical supplies distributor in Northern Europe, to Nalka Invest AB.

Proceeds to 3i will be c. £100m. The transaction is expected to complete in March 2019, subject to customary antitrust approvals.

3i invested in OneMed in 2011. During 3i’s ownership, the company successfully strengthened its market positions in Sweden, Denmark and Finland and built its international footprint through three strategic acquisitions in the Netherlands and a major expansion in Norway.

For further information, contact:
3i Group plc
Silvia Santoro
Investor enquiries
Kathryn van der Kroft
Media enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

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Smile Brands and DecisionOne Dental Announce Strategic Partnership

Gryphon Investors

Irvine, CA – January 7, 2019 —

Smile Brands Incannounced today it has made a strategic investment in support of DecisionOne Dental Partners based in Schaumburg, Illinois. The investment will help fund DecisionOne’s continued growth and acquisitions throughout Chicagoland and neighboring states. DecisionOne Dental Partners management will continue to lead and operate the business.

Smile Brands Inc. is a leading dental support organization (DSO) that provides business support services to over 400 locations across 17 states. Smile Brands is able to provide DecisionOne significant expansion capital as well as access to additional business support services. CEO Dr. AJ Acierno of DecisionOne and CEO Steve Bilt of Smile Brands realize the future of mid-market DSOs is to have an investment and business support partner like Smile Brands who has services that can help accelerate growth while continuing to meet the needs of providers and patients.

DecisionOne was founded in 2011 by two brothers, Dr. AJ Acierno and Dr. Mike Acierno. It is one of the most respected and fastest growing dental support organizations in the U.S. with approximately 30 affiliated practices in the Chicago area. By blending the values of a solo practitioner dental office with the business efficiencies of larger group practices, DecisionOne has created a proven partnership model that puts patients first while helping providers navigate the increasing complexity of the dental landscape.

“Many DSOs help remove day to day management headaches allowing providers to focus on clinical excellence. At DecisonOne, we go beyond standard DSO administrative support by building offices around our doctors instead of simply inserting providers into cookie cutter offices,” explains Dr. AJ Acierno. “This approach allows us to create individual office cultures that result in lasting patient relationships. We believe strongly that building patient relationships based on trust is the key to guaranteeing access to care and making patients better.”

The world of dentistry has changed dramatically over the past several decades. Dental students are graduating with high amounts of debt, technologic advancements require higher overhead and payment administration is increasingly complex. More and more providers are looking to affiliate with a dental support organization, but finding the right fit is imperative. Smile Brands CEO, Steve Bilt understands the importance of there being a strong cultural connection in any partnership.

“Today there are hundreds of DSOs and thousands of group practices in the U.S.,” says Bilt, “Each group has its unique affiliation model in terms of financial compensation, business support and management processes, but the success of a partnership comes down to whether the groups share a common set of values. Our investment behind DecisionOne is as much about shared values as it is about business expansion. I am confident that Drs. AJ, Mike and the rest of the DecisionOne team will further our mission of delivering Smiles for Everyone®.”

Dr. Mike Acierno, Chief Dental Officer, insists that clinical autonomy is key in a patient-first delivery model. “After dental school, I went into private practice and AJ took the DSO path,” explains Mike. “That gives us a unique perspective on the industry and how to improve the lives of our patients, team members and providers. When it came time to find a partner, we needed to find someone as committed to our patient care model as we are.”

About Smile Brands 
Based in Irvine California, Smile Brands Inc. is one of the largest providers of support services to dental groups in the United States. Smile Brands provides expansion capital and access to support services to independent dental groups and DSOs. The organization delivers comprehensive business support services through exclusive long term agreements with affiliate dental groups, so dentists can spend more time caring for their patients and less time on the administrative, marketing, and financial aspects of operating a dental practice. Smile Brands supports over 400 Bright Now!® Dental, Monarch Dental®, Castle Dental®, A+ Dental Care, OneSmile Dental, Johnson Family Dental, P3 Dental Group, and DecisionOne Dental offices in 17 states, including Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Maryland, Nevada, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington. Smile Brands is a portfolio company of Gryphon Investors, a leading middle-market private equity firm based in San Francisco, CA. For more information, visit www.smilebrands.com.

About DecisionOne Dental Partners 
DecisionOne Dental is a network of carefully curated dental professionals who value personal doctor-patient relationships and high quality of patient care. Over the last decade, the growing complexity of the dental sector has diluted doctors’ focus and led to a reduction in the perception of patient care and trust. DecisionOne Dental Partners was founded by brothers Dr. AJ and Dr. Mike Acierno, both practicing family dentists, who believe dentistry can thrive locally while adhering to the core values that support patients above all else. With approximately 30 current locations, DecisionOne is the fastest growing dental group in Illinois. The Chicago Tribune named them one of the top midsized workplaces in the Chicago area for 2018, plus Acierno Dental in Schaumburg was recently featured in Chicago magazine’s “2018 Top Doctors” issue named as a top Chicagoland dental practice. For more information about DecisionOne Dental or to find a dentist, visit www.decisiononedental.com.

Contacts

 

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TA Associates Announces Investment in Behavioral Health Works

TA associates

BOSTON and ANAHEIM, CA – TA Associates, a leading global growth private equity firm, today announced that it has completed a strategic growth investment in Behavioral Health Works (“BHW”), a behavioral health services provider specializing in therapy and ancillary services for children with autism spectrum disorder and related disorders. Financial terms of the transaction were not disclosed.

Established in 2009, BHW works with families, schools and other professionals to offer comprehensive therapy services based on the principles of Applied Behavioral Analysis (“ABA”). Care is delivered by therapists at home, in schools and in regional centers. The company provides care across 11 states, serving approximately 1,800 clients.

“We believe BHW has become a leader in providing therapy and behavioral health services to individuals affected by autism as a result of the company’s commitment to clinical quality and outcomes measurement,” said Emily C. McGinty, a Principal at TA Associates who will join the Behavioral Health Works board of directors. “We are thrilled to partner with Dr. Robert Douk and the team of knowledgeable and passionate clinical and administrative professionals at BHW. We look forward to working closely with the team to help expand access to services to additional families in need.”

“Since our founding, we have strived to provide children with autism with research-based therapeutic methods to improve both basic and complex skills that permit them to lead quality and independent lives,” said Dr. Robert Douk, Founder and Chief Executive Officer of Behavioral Health Works. “As one of the most longstanding and respected investors within the healthcare industry, we believe that TA Associates will help us accelerate our strategy and reach more children who need our services. We welcome TA to the BHW family and are very excited to begin collaborating with their team to support our company in the next phase of its growth.”

“As autism prevalence continues to grow, it is critical that treatment providers have the necessary resources in place to support affected individuals and families,” said Jennifer M. Mulloy, a Managing Director at TA Associates who will also join the Behavioral Health Works board of directors. “We look forward to continuing to support and build a best in class team of clinicians to help meet the increasing demand.”

Kirkland & Ellis LLP provided legal counsel and Deloitte LLP served as financial advisor to TA Associates. Lewis Brisbois Bisgaard & Smith LLP provided legal counsel, Moss Adams served as financial advisor and Opus Bank provided advisory services to Behavioral Health Works.

About Behavioral Health Works
Behavioral Health Works helps individuals with autism and other developmental disabilities reach their potential by working collaboratively with families, schools and relevant professionals. BHW’s treatment approach is rooted in Applied Behavior Analysis (ABA) with emphasis on individualized programs, focusing on each person’s strengths and challenges. Each of BHW’s programs share the common goal of teaching individuals the necessary tools to obtain a better quality of life and to lead more independent lives. More information can be found at www.bhwcares.com.

About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

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Aimmune Therapeutics and KKR Enter into $170M Loan Agreement to Fund AR101 Commercialization and Pipeline Advancement

KKR

BRISBANE, Calif.–(BUSINESS WIRE)–Jan. 4, 2019– Aimmune Therapeutics, Inc. (Nasdaq: AIMT), a biopharmaceutical company developing treatments for potentially life-threatening food allergies, today announced that it has entered into a $170 million loan agreement with an affiliate of KKR, a leading global investment firm.

“The addition of the KKR loan financing to Aimmune’s capital resources is expected to fully fund the commercialization of AR101, an investigational biologic oral immunotherapy for the treatment of peanut allergy,” said Eric Bjerkholt, Chief Financial Officer of Aimmune Therapeutics. “In addition, this financing secures resources to support the continued advancement of our pipeline of additional food allergy treatments, including the Phase 2 trial of AR201 for egg allergy, which is anticipated to commence this year.”

In December 2018, Aimmune submitted a Biologics License Application (BLA) to the U.S. Food and Drug Administration(FDA) for AR101 for the treatment of peanut allergy in children and adolescents ages 4–17 years based on data from the landmark Phase 3 PALISADE trial, which met its primary and key secondary endpoints, and from additional ongoing and completed AR101 clinical trials. The FDA has granted Breakthrough Therapy Designation to AR101 for the desensitization of peanut-allergic patients 4–17 years of age.

The loan agreement provides Aimmune with an up to $170 million term loan in three tranches. Forty million dollars was funded at close, with $85 million to follow upon FDA approval of AR101 and satisfaction of other customary borrowing conditions, and $45 million at the company’s option in 2020 upon the satisfaction of certain borrowing conditions. The loan can be prepaid at Aimmune’s discretion, at any time, subject to prepayment fees. Further information with respect to the term loan is set forth in a Form 8-K filed by Aimmune with the Securities and Exchange Commission on January 4, 2019.

Aimmune reported September 30, 2018, cash, cash equivalents and short-term investments of $255 million. With the $98 million equity investment from Nestlé Health Science announced in November 2018 and the $170 million KKR loan, assuming full borrowings under all tranches, Aimmune’s capital resources as of September 30, 2018, would have exceeded $500 million.

For KKR, the investment is part of the firm’s Health Care Royalty and Income strategy, which is focused on providing non-dilutive capital to companies for which KKR can help reach scale and achieve strategic objectives.

“Aimmune is leading the way in meeting the critical, growing need to offer treatment to the millions of people affected by food allergies,” said Emily Janvey, M.D., Head of Health Care Royalty and Income strategy at KKR. “We’re proud to help support Aimmune’s important work, especially as the company prepares to launch what could be the world’s first approved medical treatment for peanut allergy.”

About Aimmune Therapeutics

Aimmune Therapeutics, Inc., is a biopharmaceutical company developing oral treatments for life-threatening food allergies. The company’s Characterized Oral Desensitization ImmunoTherapy (CODIT™) approach is intended to provide meaningful levels of protection against allergic reactions resulting from accidental exposure to food allergens by desensitizing patients with defined, precise amounts of key allergens. Aimmune’s first investigational biologic product using CODIT™ is AR101. Aimmune intends to submit a regulatory filing for marketing approval of AR101 in Europe during the first half of 2019 based on data from Aimmune’s pivotal Phase 3 PALISADE clinical trial of AR101, which in 4–17-year-old subjects met its primary and key secondary endpoints, and additional ongoing and completed AR101 clinical trials. Aimmune has filed an IND application for its second product, AR201, for the treatment of egg allergy and intends to start a randomized Phase 2 clinical trial in the first half of 2019. For more information, please see www.aimmune.com.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: Aimmune’s expectations regarding the timing and availability of the full amount of proceeds under the loan agreement; Aimmune’s expectations regarding the sufficiency of its cash resources; Aimmune’s expectations regarding the potential benefits of AR101; Aimmune’s expectations regarding the potential commercialization of AR101, including the timing of a potential approval of AR101; Aimmune’s expectations on the timing of initiating a Phase 2 clinical trial for AR201; Aimmune’s expectations on regulatory submissions for marketing approval of AR101 for peanut allergy in Europe; and Aimmune’s expectations regarding potential applications of the CODIT™ approach to treating life-threatening food allergies. Risks and uncertainties that contribute to the uncertain nature of the forward-looking statements include: the satisfaction of closing conditions for each subsequent tranche of the loan agreement; the expectation that Aimmune will need additional funds to finance its operations; Aimmune’s or any of its collaborative partners’ ability to initiate and/or complete clinical trials; the unpredictability of the regulatory process; Aimmune’s reliance on third parties for the manufacture of Aimmune’s product candidates; possible regulatory developments in the United States and foreign countries; and Aimmune’s ability to attract and retain senior management personnel. These and other risks and uncertainties are described more fully in Aimmune’s most recent filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2018. All forward-looking statements contained in this press release speak only as of the date on which they were made. Aimmune undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

This press release concerns AR101, a product that is under clinical investigation, and AR201, a product that Aimmune expects will be under clinical investigation in 2019. Neither AR101 nor AR201 has been approved for marketing by the U.S. Food and Drug Administration (FDA) or the European Medicines Agency (EMA). AR101 and AR201 are currently limited to investigational use, and no representation is made as to their safety or effectiveness for the purposes for which they are being investigated.

Source: Aimmune Therapeutics, Inc.

Aimmune
Investors
Laura Hansen, Ph.D.
(650) 396-3814
lhansen@aimmune.com

Media
Alison Marquiss
(650) 376-5583
amarquiss@aimmune.com

KKR
Kristi Huller or Samantha Norquist
(212) 750-8300
media@KKR.com

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Triton has signed an agreement to invest in Deutsche Radiologie Holding

Triton

Frankfurt (Germany), 4 January 2019 – The Smaller Mid-Cap Fund (“TSM”) advised by Triton (“Triton”) has signed an agreement to invest in Deutsche Radiologie Holding (“DRH”), alongside with the current shareholders consisting of the owners of Tempus Capital and the management team. Terms of conditions are not disclosed.

DRH was founded in 2017 and offers radiologists and radiotherapists flexible and professional succession solutions. DRH is a strong and experienced partner for successful owners. The experienced team ensures a technically competent and reliable handover process and a long-term preservation of the owner’s work.

The Triton Smaller Mid-Cap Fund seeks to invest in mid-cap companies in the sectors industrials, business services, consumer and health. This transaction is the 7th investment since inception of the fund Mid 2017.

“Succession planning is a highly important topic for owners of small and mid-sized companies across all sectors and regions we operate in. DRH is addressing the increasing demand for succession solutions with a professional offering, tailor made to its target group. We are pleased to work with DRH, its management team and the owners of Tempus Capital on the way forward”, comments Andi Klein, TSM Investment Advisory Committee Member and Investment Advisory Professional to the Triton funds.

Steffen Dauster, CEO and founder of DRH, adds: “Given the large demand for flexible succession solutions in our area and our strong growth profile, we welcome Triton as a new partner. We are excited about the future prospects of DRH and the continued partnership with all our stakeholders.”

About Triton
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 38 companies currently in Triton’s portfolio have combined sales of around € 13.1 billion and around 85,000 employees.

The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.

For more information: www.triton-partners.com

About DRH
Deutsche Radiologie Holding was founded 2017. Headquartered in Frankfurt / Main, DRH accompanies radiological, nuclear medicine and radiotherapeutic practices on the path to succession planning as a financially strong investor and professional management partner. The team has many years of experience and extensive practical expertise in this field.

For more information: www.deutsche-radiologie.com

Press Contacts:

Triton
Marcus Brans
Phone: +49 69 921 02204

Deutsche Radiologie Holding
Edina Sabanovic
esabanovic@deutsche-radiologie.com

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SOPHIA GENETICS raises $77 million to accelerate the democratization of data-driven medicine

Endeavour

San Francisco, Jan. 4, 2019: SOPHiA GENETICS, a leading health tech company, announced today the closing of a $77 million investment round to accelerate the democratization of Data- Driven Medicine. The round was led by Generation Investment Management, a pioneer of sustainable investing, with offices in London and San Francisco. Generation were joined by Idinvest Partners, a European leader in private equity, alongside existing investors including Balderton Capital and Alychlo.

SOPHiA GENETICS was founded in Switzerland and is now co-based in Lausanne and Boston. The company combines deep expertise in life sciences and medical disciplines with mathematical capabilities in data computing. Today, its universal platform, SOPHiA AI, is utilized by more than 850 hospitals across 77 countries and has already supported the diagnosis of over 300,000 patients. The platform enables healthcare professionals to make sense of complex genomic and radiomic data through advanced analysis in order to better diagnose and treat patients, both for oncology and hereditary disorders.

With the new funding round, SOPHiA GENETICS has now raised a total of $140 million. This latest investment will allow the company to further grow the global community of hospitals using its technology. In particular, SOPHiA GENETICS will continue adding talent to reinforce its rapidly expanding presence in the US.

“Generation are delighted to partner with SOPHiA GENETICS. We believe that leveraging genetic sequencing and advanced digital analysis will enable a more sustainable healthcare system. SOPHiA GENETICS is a leader in the preventive and personalized medicine revolution, enabling the development of targeted therapeutics, thereby vastly improving health outcomes” said Lilly Wollman, co-head of Generation’s Growth Equity team. “We admire SOPHiA GENETICS not just for its differentiated analytics capability across genomic and radiomic data, but also for its exceptional team and culture”.

“Since we founded the company, our goal has been to help make the global healthcare system more sustainable. By helping clinical researchers leverage their expertise and work together as a community, patients all over the world can receive equal access to better care. Generation Investment Management and SOPHiA GENETICS are guided by the same belief. With Generation’s support, we will enable the more rapid adoption of Data-Driven Medicine technology in healthcare for the benefit of patients worldwide,” commented Dr. Jurgi Camblong, CEO and Founder of SOPHiA GENETICS.

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Verily Announces $1 Billion Investment Round to Fund Growth and Innovation

Silverlake

South San Francisco, Calif. – January 3, 2019 – Verily, an Alphabet company, today announced a $1
billion investment round, led by Silver Lake, as it advances plans on business strategies that are additive
and complementary to its current life sciences portfolio. Other new investors in the round include Ontario
Teachers’ Pension Plan and other global investment management firms. The capital raised will support
growth in key strategic areas, including investments in strategic partnerships, global business
development opportunities, and potential acquisitions. Financial terms of the transaction were not
disclosed. Ruth Porat, chief financial officer at Alphabet, and Egon Durban, managing partner and
managing director of Silver Lake, will be nominated to join Verily’s operating board.
“We are taking external funding to increase flexibility and optionality as we expand on our core strategic
focus areas,” said Andrew Conrad, CEO of Verily. “Adding a well-rounded group of seasoned investors,
led by Silver Lake, will further prepare us to execute as healthcare continues the shift towards evidence
generation and value-based reimbursement models.”
“Verily’s unique capabilities, world-class partnerships and bold vision are enabling the company to tackle
the most significant problems impacting global healthcare,” said Egon Durban. “We look forward to
working with Andy and the entire Verily team in their mission to use cutting-edge science and technology
to change the paradigm of care delivery and improve clinical outcomes.”
Goldman Sachs & Co. LLC acted as financial advisor to Verily.

About Verily Life Sciences
Verily is a life sciences research and engineering organization focused on improving healthcare outcomes
by applying the latest scientific and technological advances to significant problems in health and biology.
By combining unparalleled capabilities in data organization and analytics services with robust scientific
and product engineering expertise, Verily is targeting the dual objectives of creating tools and
user-friendly platforms that capture a deeper and broader set of health data and organizing the data so that
it is useful and actionable. Verily partners with leading life sciences, medical device and government
organizations to leverage deep domain expertise and resources that enable exponentially faster
development, meaningful advancements and deployment at scale. For more information, visit
www.verily.com.

About Silver Lake
Silver Lake is the global leader in technology investing, with about $45.5 billion in combined assets under
management and committed capital and a team of approximately 100 investment and value creation
professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake’s portfolio of
investments collectively generates more than $225 billion of revenue annually and employs more than
390,000 people globally. For more information about Silver Lake and its entire portfolio, please visit
www.silverlake.com.

Press Contact:
Carolyn Wang
carolynwang@verily.com
415-736-2437

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3i-backed Cirtec diversifies with acquisition of Metrigraphics3i-backed Cirtec diversifies with acquisition of Metrigraphics

3I

3i Group plc (“3i”) today announces that Cirtec Medical (“Cirtec”), a strategic outsourcing partner for complex medical devices in which 3i invested in August 2017, is acquiring Metrigraphics, a leading manufacturer of ultra-high precision, custom micron-scale circuits and components for the medical devices industry and other critical applications.

Metrigraphics combines core technologies of thin film sensor substrate manufacturing with their proprietary processes to provide ultra-miniature components that increase the performance, accuracy, and reliability of state-of-the-art medical and wearable devices.  The Company serves a number of fast growing medical device segments, including continuous glucose monitoring, advanced drug delivery, active medication management and life science instruments. The acquisition also further strengthens Cirtec’s relationship with market leading and pioneering OEMs serving these device segments.

Metrigraphics has approximately 175 employees. The company is ISO 9001 certified and is based in a 46,000 sq. ft. facility in Lowell, Massachusetts.

Brian Highley, CEO, Cirtec, commented:

“This is a significant acquisition that fits perfectly with Cirtec’s focus on active implantables and aligns well with our strategy of expanding our capabilities serving minimally invasive interventional therapeutic products.  We plan to continue to enhance our capabilities to support our core customers, including those in the neuromodulation and active implantable markets, and to increase our investment in wearables and other biomedical applications.”

Richard Relyea, Partner, 3i Private Equity, added:

“The acquisition of Metrigraphics builds upon the recent acquisition of Cactus Semiconductor and further expands the company’s product portfolio of cutting edge and technically challenging medical device components.  Metrigraphics also diversifies the company’s device exposures with additional therapeutic markets poised for long-term growth.  We are excited to partner with an organisation that has such strong capabilities and relationships with innovative OEMs.”

This transaction represents Cirtec’s fourth completed acquisition since 3i’s investment, and will be funded from the company’s own resources.

 

-Ends-

 

Download this press release   

 

For further information, contact: 

3i Group plc

Silvia Santoro

Shareholder enquiries

Tel: +44 20 7975 3258

Email: silvia.santoro@3i.com

Kathryn van der Kroft

Media enquiries

Tel: +44 20 7975 3021

Email: kathryn.vanderkroft@3i.com

 

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Gilde Healthcare leads USD 77 million financing round of hypertension company Ablative Solutions

GIlde Healthcare

Utrecht (The Netherlands), Boston (United States) – Ablative Solutions, Inc. (Kalamazoo, Michigan), a medtech company pioneering new approaches for the treatment of hypertension, today announced the first close of its USD 77 million Series D funding round. The round was led by Gilde Healthcare and co-led by existing investor BioStar Ventures and an undisclosed new strategic corporate investor. Existing investors, including Michigan Accelerator Fund, Novus Biotechnology and other individual investors rounded out the financing.

Funds from the round will be used to complete clinical trials in support of U.S. and European regulatory submissions for the company’s minimally invasive renal denervation technology designed to help reduce blood pressure for people with uncontrolled hypertension.

Ablative Solutions’ alcohol-mediated renal denervation procedure is performed using the investigational Peregrine System Kit™, which is engineered to target nerves known to influence the body’s regulation of blood pressure. The Peregrine Kit delivers dehydrated alcohol in small doses directly to the space outside of the renal artery to block the overactive signaling of the sympathetic nerves. This targeted treatment is designed to be performed in a rapid, straightforward procedure with minimal pain or discomfort for the patient.

Drug therapy and lifestyle changes are the most common treatments for hypertension. Medication non-adherence remains a serious and underappreciated limitation of drug therapy. More than half of those treated do not achieve their target blood pressure, highlighting the need for improved therapeutic options.

 

About the Peregrine System Infusion Catheter
The Peregrine System Infusion Catheter has 510(k) clearance for the infusion of diagnostic and therapeutic agents into the perivascular area of the peripheral vasculature. The Peregrine System Infusion Catheter is CE marked for the infusion of a neurolytic agent to achieve a reduction in systemic blood pressure in hypertensive patients.

About Ablative Solutions
Ablative Solutions, Inc., based in Kalamazoo, Mich., and San Jose, Calif., was founded in 2011 with a vision to address the unmet need of hypertension. Ablative Solutions’ approach targets the overactive sympathetic nervous system, which may play a role in hypertension, heart failure, kidney disease, metabolic syndrome and sleep apnea. The Peregrine System Infusion Catheter provides physicians with a way to infuse diagnostic and therapeutic agents into the area surrounding the renal artery, where sympathetic nerves are located. The Peregrine System Kit is currently being investigated as a treatment for hypertension in conjunction with antihypertensive medications. For more information visit ablativesolutions.com.

About Gilde Healthcare
Gilde Healthcare is a specialized European healthcare investor managing EUR 1 billion across two business lines: a venture & growth capital fund and a private equity fund. Gilde Healthcare’s venture & growth capital fund invests in therapeutics, medtech and digital health. The portfolio companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable lower mid-market European healthcare services companies with a focus on the Benelux and DACH region. The portfolio consists of healthcare providers, suppliers of medical products and other service providers in the healthcare market. The venture & growth fund is currently investing out of Gilde Healthcare IV which is financed, in part, by the European Recovery Program-European Investment Fund Facility. For more information, visit the company’s website at gildehealthcare.com.

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GYNESONICS announces $75 million financing

Abingworth

Equity Round led by Bain Capital Life Sciences
Redwood City, CA – January 3, 2019 – Gynesonics, a women’s healthcare company and the
developer of the Sonata System and other advanced, incision-free solutions for the treatment of
uterine conditions, today announced that it has completed a $75 million equity financing. The
financing was led by Bain Capital Life Sciences and included all of the Company’s existing
investors, including Abingworth, Advanced Technology Ventures (ATV), Endeavour Vision,
HealthCrest, InterWest Partners, HBM Partners, Correlation Ventures and Hercules Technology
Growth Capital.

The Sonata (Sonography-Guided Transcervical Fibroid Ablation) System is intended for the
diagnostic intrauterine imaging and transcervical treatment of symptomatic uterine fibroids,
including those associated with heavy menstrual bleeding. The system combines a novel
integrated technology — the first and only intrauterine ultrasound system — with a proprietary
radiofrequency ablation device, providing a transcervical, incision-free, uterus-preserving
treatment for uterine fibroids. This breakthrough technology platform provides access to a wide
range of fibroid types, many of which cannot be treated with current operative hysteroscopy
methods.

Concurrent with the financing, Jeffrey Schwartz, a Managing Director of Bain Capital Life
Sciences, will join the Gynesonics Board of Directors.
“We are impressed by the quality and promise of the Sonata System and the caliber of the
Gynesonics team,” said Schwartz. “We believe there is a strong clinical need for an incision-free
option for women who are suffering from symptomatic fibroids. I look forward to joining the
board and working closely with the team on this important platform technology as well as other
advances in the company pipeline.”
“The Sonata System is poised to make a significant impact in the way women are treated for this
incapacitating disease,” stated Ken Haas, Partner, Abingworth. “As a founding investor in
Gynesonics, we are excited to help pioneer this new approach and to continue working with the
management team on its path toward successful commercialization.”
“We are confident that Gynesonics is well-positioned to meet the needs of women who suffer
from this debilitating disease. The robust and impressive clinical data will enable the Sonata
System to make a significant impact in the multi-billion worldwide market for the treatment of
uterine fibroids,” stated existing investor and Board Member, Mike Carusi, General Partner,
Advanced Technology Ventures.

Gynesonics will use the proceeds from the financing to launch the global commercialization of
the Sonata System. The Sonata System has a CE Mark for marketing in the European Union and
received U.S. Food and Drug Administration (FDA) 510(k) clearance in August.
The company will also use proceeds to further develop the Sonata technology platform, and for
additional clinical research initiatives to support reimbursement and market development
objectives.

“On behalf of all of the stakeholders in Gynesonics, I welcome Bain Capital as a new investor
and Jeff as a new member of our board,” said Christopher M. Owens, President and CEO of
Gynesonics. “Gynesonics has developed a breakthrough treatment option for symptomatic
uterine fibroids that is designed to preserve the uterus. We are proud to offer physicians and the
women under their care a new treatment choice for this disease. This financing will provide the
capital to successfully commercialize the Sonata System and continue the clinical research
essential to our market development objectives.”

According to medical literature, about 70-80 percent of women in the U.S. will develop uterine
fibroids by age 50 with a significant proportion of the fibroids causing symptoms. In addition,
according to the New England Journal of Medicine, approximately 200,000 hysterectomies are
performed in the U.S. each year because of uterine fibroids.
With an estimated volume of more than 1 million annual global fibroid procedures, Gynesonics
projects a $3 billion-$4 billion global market opportunity for its Sonata System, including a
market opportunity of more than $1 billion in the U.S. alone.

About Bain Capital Life Sciences
Bain Capital Life Sciences pursues investments in biopharmaceutical, specialty pharmaceutical,
medical device, diagnostics and enabling life science technology companies globally. The team
focuses on companies that both drive medical innovation across the value chain and enable that
innovation to improve the lives of patients with unmet medical needs. Through its private equity
business, the firm has significant experience working with companies focused on women’s
health issues including through its prior ownership of Warner Chilcott.

About Sonata System
The Sonata System, the next generation of Gynesonics’ technology platform (the previous
generation referred to as VizAblate), uses radiofrequency energy to ablate fibroids under
intrauterine sonography guidance. The Sonata System, including the SMART Guide, enables the
operator to target fibroids and optimize ablations within them. Sonata System’s design provides a
straightforward, transcervical access for a uterus preserving, incision-free fibroid treatment. This
intrauterine approach is designed to treat a wide range of fibroid types while avoiding the
peritoneal cavity.

About Gynesonics
Gynesonics is a women’s healthcare company focused on advancing women’s health, by
developing minimally invasive, transcervical, uterus-preserving, incision-free technologies for
diagnostic and therapeutic applications. Gynesonics has developed the Sonata System for
diagnostic intrauterine imaging and transcervical treatment of symptomatic uterine fibroids. The
Sonata System is CE marked. Sonata is approved for sale in the European Union and the United
States. Gynesonics is a privately held company with headquarters in Redwood City, CA. For
more information, go to www.gynesonics.com.

CONTACT:
Chris Owens, Gynesonics President and CEO
+1.650.216.3860
www.gynesonics.com

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