Conceptus raises $30.8 million

Conceptus, which has developed of the non-incisional permanentbirth-control procedure Essure, has completed a private placement of approximately 2.3 million shares of newly-issued common stock, bringing in proceeds of around $30.8 million. Lead investor in this financing was Merrill Lynch, while Adams, Harkness & Hill served as placement agent for the offering.

Glen Furuta, the firm's chief financial officer, said that Conceptus is pleased to have "completed a placement of this size quickly and during challenging market conditions." The company now has some $38 million in cash, which he said will be used to help prepare for US approval of Essure and secure marketing partners in Europe for the device, as well as scale up manufacturing operations.

Conceptus noted that surgical tubal ligation is invasive and costly. About 93% of procedures in the USA are performed in a hospital or surgi-center under general anesthesia, requiring four-five hours of hospital recovery time and an average of three-10 days before returning to regular activities. An Essure procedure does not require cutting or penetrating the abdomen, and can be performed in a less-costly setting without general anesthesia, the firm claims, and a woman is expected to have a rapid return to regular activities.