Cirqle Biomedical Secures $1.8M Seed Funding to Advance Novel Non-Hormonal Contraceptive Technology

August 28, 2019, VCBeat (WeChat ID: vcbeat)Via foreign media reportsCirqle Biomedical Announces Completion of $1.8 Million Seed Funding Round Led by BioInnovation Institute (BII) and Rhia Ventures

The funds from this financing round will be used to develop novel non-hormonal contraceptive technologies.

Cirqle Biomedical’s technology targets millions of women who seek non-hormonal products with fewer side effects for contraception. Oral contraceptives have been in development for nearly 60 years, yet to date, most contraceptive pills remain variants of the same synthetic hormone.

Cirqle Biomedical has developed a novel technology based on the natural barrier properties of cervical mucus. With the assistance of laboratories at the KTH Royal Institute of Technology in Stockholm, Sweden, the company has created a topically applied biopolymer that enables cervical mucus to block sperm penetration throughout the female contraceptive cycle. This product offers immediate and long-term protection without the systemic side effects associated with hormonal contraceptives.

Thomas Crouzier, Chief Scientific Officer at Cirqle Biomedical, stated, “This funding enables us to advance our research on animal models for non-hormonal contraceptive technologies and validate the properties of the target biopolymers. Our next goal is to move this technology into human clinical trials.”

Frederik Petursson Madsen, CEO of Cirqle Biomedical, stated, “In this round of negotiations, we have established a partnership with Rhia Ventures and its experts in the field of reproductive health. We are also delighted to join the new incubator program at the BioInnovation Institute in Copenhagen, where we will conduct research over the next 18 months leveraging state-of-the-art laboratory facilities and a mentor network. We hope that funding for contraceptive innovation will raise awareness of the need to develop high-quality contraceptive methods, thereby meeting the needs of women worldwide.”

BII is a biotechnology institute headquartered in Copenhagen, Denmark, that provides advanced laboratory facilities, funding opportunities, and high-level mentorship to startups in the medical technology, biotechnology, and pharmaceutical sectors. In 2017, the Novo Nordisk Foundation raised DKK 392 million to establish BII.

Rhia Ventures is a San Francisco-based investment firm dedicated to funding areas closely tied to women’s reproductive health, with the aim of benefiting women. The company is seeking investments in healthcare, biotechnology, and business models.

(Compiled by Tian Shuhang)