Contraline Secures $2.25 M in Seed Financing
Thursday, April 13th, 2017
CHARLOTTESVILLE, Virginia — Contraline, a biotechnology company developing a novel male contraceptive, announced it has raised $2.25 million in Seed funding.
The round was led by San Francisco-based venture capital firm, Founders Fund, with investments also coming from Center for Innovative Technology, Abstract Ventures, Afton Scientific, and angel investors including Jaffray Woodriff and Jason Calacanis.
Co-Founder and CEO Kevin Eisenfrats stated, “We’re thrilled to bring in a group of new and existing investors who believe in our vision of commercializing the first long-lasting, reversible male contraceptive. Many of these investors have followed our work and have seen how much progress we’ve made in a relatively short period of time.”
Contraline plans on using these funds to continue the research and development of its male contraceptive product, Echo-V, a polymer gel that is implanted into the vas deferens to block sperm flow. The Company also plans to initiate pre-clinical trials for Echo-V later this year. “Overall, our goal is to deliver a new male contraceptive product to market by 2021 with the goal of replacing the vasectomy market by 2026,” says Eisenfrats.
In addition to being reversible, Contraline’s procedure Vasintomy is intended to be non-surgical. Rather than making an incision and exteriorizing the vas deferens like in vasectomy, urologists use an ultrasound to guide the injection through the skin. Therefore, no incisions, scalpels, or sutures are required. The procedure is anticipated to be 3-4 times faster and have less complications than vasectomy.
Contraline recently moved into its new headquarters, ContraLab, a 2,200 sq. ft. lab and office space in Charlottesville, VA. The company plans on using this space for all polymer synthesis and characterization work, with animal studies taking place at various universities and contract research organizations that Contraline partners with.
The Company has raised a total of $3.1 million to date including a previous round of funding from angel investors, grants, and multiple university and national awards.
More information about the fundraise can be found on TechCrunch.