Sydney venture capital firm OneVentures invested $4 million in the US medical device group Madorra.
The US-based company addresses a critical need in the field of women’s health, improving quality of life for both post-menopausal women and women who have received treatment for chronic conditions such as breast cancer.
OneVentures, a venture capital firm focused on investment in high growth technology and healthcare companies, contributed $4 million out of a total $6 million. Other investors include the Stanford-StartX Fund and the Fogarty Institute for Innovation.
The OneVentures Healthcare Fund supports the commercialisation of biomedical innovation and was established as part of the Federal Government’s Biomedical Translation Fund initiative.
The fund was awarded $85 million from the federal government which was matched by OneVentures’ investors. OneVentures has more than $320 million in funds under management.
Anne-Marie Birkill, Managing Partner at OneVentures, says the Madorra device meets a large, unmet need in women’s health.
“OneVentures is delighted to be providing the resources to allow the company to bring it closer to market,” she says.
“The Madorra team, and their supporting directors, investors and advisors, includes seasoned experts with a track record of successfully commercialising medical devices.”
Madorra is developing a medical device for the treatment of vaginal dryness associated with vulvovaginal atrophy (VVA), a chronic and disruptive problem that affects more than 16 million women in the US alone.
Currently, hormone replacement therapy (HRT) is the most common treatment option for addressing the painful symptoms.
But HRT has been associated with negative side effects including an increased risk of heart disease, cancer and blood clots.
Madorra cofounder Holly Rockweiler co-developed the technology while a fellow in Stanford’s Biodesign Program in 2013.
The Madorra team has been developing the device from its base in Portland, Oregon. Following investment from OneVentures, clinical trials will be held in Australia.