Pelvital Announces Additional $2.32 Million Seed Plus Funding Boost For Flyte®
Pelvital Raises A Total of $5 Million In Seed Funding Spearheaded By Boomerang Ventures To Address Underserved Pelvic Health Issues
EAGAN, Minn., April 22, 2024 /PRNewswire-PRWeb/ -- Pelvital USA, Inc., a leading innovator in women's health, is pleased to announce the successful closing of an additional $2.32 Million in its seed-plus funding round, closing the round out $500,000 oversubscribed at $5 Million. The seed plus funding will be instrumental in expediting the commercialization of Flyte, Pelvital's novel FDA-cleared revolutionary, accessible, and clinically proven treatment for stress urinary incontinence (SUI) and weakened pelvic floor muscles.
"Completing this round is an important step in continuing Pelvital's unwavering dedication to provide women with innovative solutions for pelvic health, including the treatment of SUI," says Lydia Zeller, President and CEO of Pelvital. "This funding will play a crucial role in accelerating our commercialization of Flyte with a strong emphasis on expanding payor coverage and enhancing clinical education and clinician awareness."
The investment round was led by Boomerang Ventures, a venture capital firm focused on transformative connected health. With this final close, Pelvital welcomes new investors including Pier 70 Ventures, Life Science Angels, Tech Coast Angels Orange County, and Blue Pacific Fund.
Concurrent with the close, Preetha Ram, PhD, Managing Partner at Pier 70 Ventures, joins the Pelvital Board of Directors. "Joining Pelvital's Board alongside this investment round is truly an honor," she shares. "Pier 70 and I are thrilled to be part of this transformational opportunity, as Pelvital's mission aligns beautifully with our dedication to support disruptive technologies that shake up the status quo in healthcare. Pelvital's pioneering work is shaping a future where women's health receives the attention and innovation it deserves with novel medical devices like Flyte."
"We are thrilled for the successful completion of this round as we aim to tackle the most pressing healthcare challenges," explains Oscar Moralez, Founder and Managing Partner of Boomerang Ventures. "Our participation aims to address the chronic underfunding in women's healthcare. Investing in Flyte, a truly groundbreaking treatment, addresses underserved pelvic health issues like SUI and contributes to raising vital awareness."
Two published clinical trials have validated Flyte's safety, efficacy, and durability of treatment effect for women with SUI. Most recently Pelvital published a paper in Therapeutic Advances in Urology, showing that 71 percent of study participants achieved dry or near dry conditions as evidenced by a reduction in 24-hour pad weight after using Flyte for between 2 and 12 weeks.
Flyte is effective for mild, moderate, and severe SUI. Typical treatment is only five minutes per day for six weeks. While Flyte is FDA-cleared for over-the-counter use, the majority of units are prescribed by clinicians. Please visit FlyteTherapy.com for more information.
About Pelvital
Pelvital USA, Inc. is a women's health medical device company empowering women and clinicians to restore pelvic health with effective, convenient products backed by strong clinical evidence. Their first product, Flyte®, is an FDA-cleared novel in-home treatment for stress urinary incontinence and weakened pelvic floor muscles. Flyte is the first and only in-home product to deliver the therapeutic treatment modality of mechanotherapy to the pelvic floor. Mechanotherapy is a well-established treatment modality that stimulates tissue regeneration and the creation of neuromuscular memory. Learn more at flytetherapy.com.
About Boomerang Ventures
Founded in 2020, Boomerang Ventures is a venture capital firm focused on early growth-stage connected health technology companies. Leveraging a combination studio and venture fund, Boomerang provides the collaborative direction, deep industry expertise, and continuum of support founders need to take their innovations from ideation to market. Boomerang believes that better patient care begins with identifying and solving the biggest challenges in healthcare. Boomerang Ventures is proudly and strategically based in Indianapolis, where the healthcare and entrepreneurial business climate is a thriving community ripe with opportunities. With a secure niche at the intersection of health technology, studio-fund synchronization, and the Midwest, Boomerang differentiates itself from the competition. Boomerang Ventures is Healthcare Innovation, Reimagined. Learn more at boomerang.vc.
About Pier 70 Ventures
Pier 70 Ventures is a US-based venture capital firm investing in innovation with the potential to create the future of healthcare. We invest in talented entrepreneurs pushing humanity forward with innovation that encompasses digital health and AI, precision medicine, medical devices/medical technology and health services. We VENTURE BOLDLY by empowering bright, enthusiastic leaders with capital, mentorship, and access to our global networks.
Media Contact
Christine Joyce, Pelvital, 1 2015720089, flyte@victorypublicrelations.com
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SOURCE Pelvital
