Miramar Labs® Secures $35 Million in Series C Financing for Commercialization
Additional funding for commercialization of novel technology for treatment of axillary hyperhidrosis
SUNNYVALE, Calif. – July 2011 – Miramar Labs, Inc., an innovator in dermatological medical devices, announced the completion of a $35 million Series C round of funding.
New investor Aisling Capital led the Series C financing, which included Cross Creek Capital as a new investor, and current investors Domain Associates and Morgenthaler Ventures. Additionally, Dr. Andrew Schiff, managing director, Aisling Capital, will join the Miramar Labs’ Board of Directors.
The funds will be used for commercialization activities of the company’s miraDry™ System for the treatment of primary axillary hyperhidrosis, commonly known as excessive underarm sweating, which affects tens of millions of people globally. The miraDry System is the only medical device that non-invasively reduces underarm sweating and provides lasting results for this debilitating condition. It was cleared by the FDA based on a multi-center U.S. IDE, randomized, blinded clinical trial. The miraDry Procedure will be available later this fall through miraDry-certified physicians as an outpatient procedure.
“We are extremely pleased to have successfully raised this new investment in Miramar Labs which highlights the continuous support and confidence of our investors,” said Darrell Zoromski, president and chief executive officer of Miramar Labs. “These funds give us the resources necessary to commercialize the miraDry System in a broad scale launch, which will enable us to provide a lasting, non-invasive solution to the many millions of people who suffer from excessive underarm sweat. We’re very excited to provide this procedure to physicians, and are already experiencing strong utilization in our initial launch in Tokyo, Japan.”
“Miramar Labs is well positioned for introducing its novel energy-based technology platform, the miraDry System, to physicians later this year. We are very excited to be working with the experienced team at Miramar Labs, with its successful track record of achieving milestones, and to help the company become a major player in the field of dermatologic medical devices,” said Dr. Andrew Schiff, managing director, Aisling Capital.
The miraDry System uses energy to provide a non-invasive and lasting solution to axillary hyperhidrosis. It entails delivering energy to the area beneath the underarm skin where the sweat glands reside, resulting in thermolysis of the sweat glands. The effect can be seen immediately. The miraDry System has FDA clearance in the United States for the treatment of primary axillary hyperhidrosis. Physicians and patients are encouraged to visit www.miraDry.com for additional information about the miraDry procedure.
About Miramar Labs
Founded in 2006, Miramar Labs is a privately owned medical device company dedicated to launching the next generation energy modality to treat dermatologic medical conditions. 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 impacts the quality of life of tens of millions of people globally. For more information, visit www.miraDry.com.