25 August 2022 - - US-based medical device start-up Hera Biotech has closed an oversubscribed USD 1.9m seed financing round to support the company's commercialization strategy for its non-surgical diagnostic test for endometriosis, MetriDx, the company said.

The funds will be used to complete an in-patient human clinical study, expand Hera's IP portfolio, and support a regulatory pathway with the US FDA.

Investors in this round include primarily female supporters from individual sources and investment firms Coyote Ventures, Stella Angels, Althea Group Ventures, and the Kendra Scott Women's Entrepreneurial Leadership Institute.

The company intends to kick off a series A raise of USD 15m in late 2022 to support commercial launch of its product in 2024.

Knowing a patient's status and stage can save thousands of dollars on misdiagnosis and treatments that may be inappropriate for the stage of the disease, and in circumstances of infertility, treatment of the underlying endometriosis prior to fertility intervention can increase the likelihood of future success.

With MetriDx, a sample of the patient's endometrium is collected during an in-office procedure similar to a pap smear but in the uterus, eliminating the need for surgery.

The test's configuration uses micro-fluidic analysis of single cells obtained from the patient to definitively diagnose and stage endometriosis.

MetriDx will bring unprecedented diagnostic capability to physicians, lower liability risk within hospitals, eliminate unnecessary surgical procedures, and reduce the considerable time patients suffer before receiving a diagnosis, all the while maintaining tissue collection and a direct pathology diagnosis.

While pursuing FDA clearance, MetriDx will initially be offered to both OB/GYN practices and those in the fertility solutions market as a laboratory developed test.

MetriDx can also be utilized as a screening test in OB/GYN practices, in fertility clinics and by reproductive endocrinologist practices.

Hera Biotech, Inc. was formed to apply advances in biotechnology to address unmet needs in the field of women's health and reproductive medicine.

Hera's initial goal is to commercialize MetriDx, a novel, non-surgical method for the definitive, early diagnosis and staging of endometriosis.