AUGUST 27, 2019
Funding for Pre-clinical Development Secured
COPENHAGEN, Denmark -- Cirqle Biomedical today announced that it has secured $1.8M for pre-clinical development of a novel non-hormonal contraceptive technology.
The funding round is co-led by BioInnovation Institute (BII) and Rhia Ventures, a San Francisco-based impact investor dedicated to bringing additional capital to underfunded areas of women’s reproductive health.
Cirqle Biomedical’s technology addresses the millions of women that are demanding non-hormonal products with fewer side-effects to manage their fertility. Today, nearly 60 years after the first oral contraceptive pill was sold, most prescription birth control methods are variations on the same synthetic hormones.
Cirqle Biomedical has developed a technology that leverages the natural barrier properties of cervical mucus. Using technology developed in a lab at the Royal Institute of Technology in Stockholm, Sweden, the company develops a topically-applied biopolymer that makes cervical mucus impenetrable to sperm cells throughout a woman’s cycle. This approach enables a potentially groundbreaking product that provides protection within a minute and for extended periods without the systemic side-effects known from hormonal contraceptives.
“The funding allows us to advance the research into animal models and validate the properties of our target biopolymer. Our goal is to advance the technology to a stage where it is ready for the first in-human study” Thomas Crouzier, Chief Science Officer said.
“The partnership with Rhia Ventures and their network of experts in the reproductive health field was key to closing the round. We are excited to join the new incubator program at BioInnovation Institute, Copenhagen, and utilize the state-of-the-art laboratories and mentor network the next 18-months” Fredrik Petursson Madsen, CEO of Cirqle, said.
“We are hopeful that this funding of contraceptive innovation will inspire others to recognize the need and opportunity to create better, non-hormonal products to meet the needs of women throughout the world.”
About BioInnovation Institute
BioInnovation Institute (BII) is an initiative for life-science based innovation and entrepreneurship. BII, located in Copenhagen, Denmark, offers start-ups within medtech, biotech and pharma access to state-of-the art labs, unique funding opportunities, and access to high-level mentoring. BII is an initiative of the Novo Nordisk Foundation.
About Rhia Ventures
Rhia Ventures is a US-based social impact investment firm that seeks to bring new types of capital and companies into the field of reproductive health to benefit women. Rhia Ventures is pursuing investments in treatments, new technologies and business models to improve reproductive health.
Frederik Petursson Madsen, CEO
Our mission is to create a next genetration contraceptive technology to replace hormonal birth control as the go-to option for women.LEARN MORE