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The company plans to add another $1 million to the round in the next few months
IUDs (intrauterine devices) are one of the most effective forms of birth control, fewer than 1 out of 100 people who use an IUD getting pregnant each year. However, the adoption rate is only 18%, and one of major reason for that is the pain involved: during the first 24 hours after insertion, nearly 60% of those who have not given birth experience moderate to severe pain, while around 30% reported moderate to severe pain up to three days later. Roughly 20% continued to have moderate to severe pain a week later.
3Daughters is a clinical development company for women's health that is looking to fix that problem by developing an IUD that is pain-free: its product, currently known as 3D-001, is a frameless, magnetic, nonhormonal IUD that conforms to a woman’s body and is combined with its patented Slider system, which is designed for easy and less painful insertion and retrieval.
Now the company will be able to continue to build out its technology thanks to the closing of the first tranche of its seed round on Monday. The $2 million was led by Thairm Bio, with a group of life science investors, and joined by the Argosy Foundation, Wexford Science and Technology, UMass Amherst, and other undisclosed investors.
3Daughters plans to raise another $1 million this quarter to close out the round.
The Boston-based 3Daughters has developed an IUD that contains copper, a proven spermicide for contraception, that combines with the company's i-Slider for insertion and r-Slider, a magnetic retriever.
It works by inserting three magnetic units coated with active pharmaceutical agents individually into the uterus which immediately self-assemble into a triangular ‘ring’ shape to adapt the lower energy triad conformation. The three elliptical units of the 3Daughters IUD are also easily removed from the uterus by using a retriever with a magnetic tip to attract the elliptical units individually.
This method is in contrast to the T-shape frame, which has to be inserted to the top of the uterus, or the fundus, for accurate placement between the fallopian tubes, which is what causes the aforementioned pain.
Proceeds from the funding will be used to advance 3D-001 through an IND filing followed by a Phase 1 clinical trial this year.
“We are thrilled to have garnered such strong support from our existing and new investors, all of whom share our vision of solving health issues for women. This investment marks the next chapter for 3Daughters and allows us to execute our streamlined development plans to move into the clinic," Mary Beth Cicero, co-founder and CEO of 3Daughters, said in a statement.
With this funding, we are getting closer to our promise to address significant and neglected issues, like IUD insertion pain, that women have been putting up with for over 50 years.”
(Image source: 3daughtershealth.com)
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