Startup developing bioerodible drug delivery implant successfully closes $1.25MM investment round
Memphis, TN [November 23, 2019] – Hera Health Solutions, a life sciences startup developing pharmaceutical devices announced today that it has raised $1.25MM in a Series Seed investment round. The new round was led by Memphis based healthcare VC Innova, with participation from LaunchTN’s Impact Fund, healthcare investment groups from Ireland, and other notable angel investors. A part of the Series Seed round came from an equity crowdfunding deal. The healthcare startup oversubscribed 1.7X on an equity crowdfunding campaign in just under 27 days on the Microventures platform.
“The new funding will be used for further product development, regulatory submission preparation, and product trials”, says CEO, Idicula Mathew.
Hera Health Solutions is a startup company specializing in the research, development, and commercialization of long acting treatments through its proprietary bioerodible drug delivery implant technology. Their flagship product under development, Eucontra is a bioerodidble contraceptive arm implant utilizing already FDA approved materials in combination with generics on the market.
Recently, the Tennessee based startup has also attracted the attention of several international companies and policy makers. Hera Health Solutions was named one of the ‘Top 10 Healthcare Startups’ by the South Summit Fund in Madrid, Spain. The company was also invited by the UN to present their technology at the Citypreneur Innovation conference in Seoul, Korea. Hera Health Solutions was chosen as one of the only two U.S based companies that are promoting the UN’s Sustainable Development goals.
Read the full article featured on the Memphis Business Journal here: https://www.bizjournals.com/memphis/news/2019/11/05/pharma-device-startup-hera-develops-bioerodible.html