China’s GSR leads restructuring round for Mirabilis Medica

Mirabilis Medica, whicih develops non-invasive treatments for uterine fibroids, wants total commitments of $13 million. The initial closing includes $4 million in cash and $3 million in convertible notes. Existing investor Charter Life Sciences also participated in the financing, according to a statement.

"With this financing, the resources are in place to conduct clinical studies and accelerate product development that will move us closer to commercialization of what we believe is a promising therapy for a truly underserved patient population," said Jens U. Quistgaard, the company's new CEO.

The company should be able to file for regulatory approval for clinical studies outside the US in 2-3 years, Quistgaard told Dow Jones.

Mirabilis was set up in 2004 and originally raised about $21 million from a group that included Arboretum Ventures, Charter Life Sciences, Dow Venture Capital, Split Rock Partners and vSpring Capital.

GSR has more than 50 companies in its portfolio and oversees $1 billion in assets.

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• Topics
• Greater China
• Healthcare
• Expansion
• China
• healthcare
• GSR Ventures
• Growth capital