Novocuff, Inc., a medical device company dedicated to improving pregnancy outcomes and reducing the risk of preterm birth, has successfully closed an oversubscribed $26 million Series A funding round after raising an initial $2 million seed round.
AXA IM Alts, through its Global Healthcare Private Equity Strategy, led the round with a $14 million investment, alongside significant participation from Laerdal Million Lives Fund, and continued support from existing investors and new investors Laborie, RH Capital, Avestria Ventures and March of Dimes.
In conjunction with the closing of the Series A financing, Curt LaBelle, Head of Healthcare Private Equity at AXA IM Alts, Lilly deSouza Burr, Vice President Global Health Investing at AXA IM Alts, and Becca Shmukler, Principal at the Laerdal Million Lives Fund, have joined Novocuff’s Board of Directors, which also includes Shacey Petrovic as Chair of the Board.
Series A proceeds will support Novocuff’s growth plans, including the expansion of its team, execution of a U.S. multi-center pivotal clinical trial, marketing authorization, and early-stage commercialization. Novocuff welcomes new hires, Kathryn Wine (Vice President of Clinical Affairs) and Marissa VanDeVeer (Clinical Engineer), who are joining the effort to bring this significant technology to market.
“We are thrilled to have the support of a strong and mission-aligned group of investors as we enter this exciting next phase of clinical development,” said Amelia “Amy” Degenkolb, CEO & Co-founder of Novocuff. “This funding catalyzes our ability to deliver a solution to a healthcare need for women, and their families and healthcare providers.”
Preterm Premature Rupture of Membranes (PPROM) and cervical shortening are leading causes of preterm birth, affecting millions of families worldwide each year. Novocuff is pursuing a novel approach in its effort to provide a solution to these critical conditions. The company’s mission is to transform the standard of care and improve pregnancy outcomes for women and their newborns.
Novocuff has developed a groundbreaking medical device aimed at stabilizing and closing the cervix to retain amniotic fluid and sustain cervical length, with the goal of extending pregnancy.
“As the leading cause of infant mortality globally, preterm birth is a serious unaddressed global health issue. The near and long-term negative impacts on the patient, and the economic burden on health systems, have created a pressing and dire situation. Given the lack of solutions currently available to address this significant global health challenge, we are thrilled to directly contribute to Novocuff’s mission to improve pregnancy outcomes. We have followed Novocuff since its founding and are excited about the company’s progress and clinical data generated to date. Our investment should enable completion of a U.S. pivotal trial and the introduction of the Novocuff device to global markets, including low- and middle-income countries. This aligns with our commitment at AXA IM Alts of generating measurable and positive healthcare outcomes alongside attractive long-term financial returns for our investors,” said Curt LaBelle, Head of Healthcare Private Equity at AXA IM Alts.
The investment into Novocuff from AXA IM Alts follows its previous investment into Alydia Health, where Novocuff CEO & co-founder Amy Degenkolb played a key role.
“Tragically, preterm birth is the number one cause of infant mortality globally,” said Becca Shmukler, Principal at the Laerdal Million Lives Fund. “When we first met co-founders Amy and Donald and initially invested in the company, we were impressed by their novel technology, expertise, and commitment to addressing this sorely underserved market. Working with them across the last year has only grown our conviction in Novocuff’s potential to lower the mortality burden associated with preterm birth – perfectly aligned with the Laerdal Million Lives Fund’s life-saving mission. With this Series A financing, we are now looking forward to partnering with mission-aligned investors like AXA IM Alts to continue to work toward this goal.”
“Too many babies are born too soon, which is why preventing preterm birth and potentially poor outcomes for mom and baby is critical to March of Dimes,” said Eric Schaefer, Senior Director of Portfolio Strategy and Mission Investment at March of Dimes. “The investments we make through our Innovation Fund help to support the development of new solutions such as Novocuff’s device, which we hope will help address pregnancy complications that can lead to preterm birth. We are encouraged by Novocuff’s progress to date and look forward to the results from their upcoming clinical trial.”
With the Series A funding secured, Novocuff is poised to commence a multi-center U.S. pivotal clinical trial in early 2025. Novocuff is underway with identification of potential clinical trial sites; those interested should reach out for more information.
