Start-up raises US$2m to develop “novel” contraceptive device

The US clinical development company 3Daughters has raised over US$2m in funding to develop a “novel” contraceptive device.

Massachusetts-based 3Daughters has developed a frameless delivery platform, based on physics and geometry, for targeted therapy directly into the uterus. Its copper IUD is the first product resulting from the technology.

The device consists of three magnetic units that are inserted individually into the uterus and self-assemble into a triangle which delivers copper to the uterus for contraception. It is removed by using a retriever with a magnetic tip that attracts the units, making the removal less painful.

The system, 3Daughters argues, could be capable of eliminating a number of “pain points” that keep women from getting an IUD.

Commenting on the funding, Mary Beth Cicero, co-founder and CEO of 3Daughters, said: “We are thrilled to have garnered such strong support from our existing and new investors, all of whom share our vision of solving health issues for women.

“This investment marks the next chapter for 3Daughters and allows us to execute our streamlined development plans to move into the clinic. With this funding, we are getting closer to our promise to address significant and neglected issues, like IUD insertion pain, that women have been putting up with for over 50 years.”

She added:”We aim to bring in an additional US$1m to close the planned US$3m seed financing round by the first quarter of 2024.”

According to Cicero, proceeds from the funding, led by Thairm Bio with participation from the Argosy Foundation and Wexford Science and Technology, will be used to advance the device through an Investigational New Drug Application (IND) filing and a phase 1 clinical trial.

Mark Bamforth, founder of Thairm Bio, said: “The lack of innovation in women’s health and the significant need 3Daughters is addressing drew me to this investment. It is clear that women’s health gets overlooked from an investment perspective and I want to be a part in changing that dynamic.

“Given the apparent urgency for new and effective contraceptive options and the pain women experience with IUDs, I recognised the need and formed an investment vehicle with my colleagues to help fund this important innovation for women.”

Emily Van Dunk, executive director of the Argosy Foundation, said: “Supporting 3Daughters aligns with our vision of empowering people and making a positive impact on communities globally.

“The recent changes in reproductive rights have strengthened our resolve to continue funding access to contraceptives, and we continue to support advancing women’s health with our investment in 3Daughters.

“We believe in the transformative potential of the 3Daughters novel IUD to make a significant impact for women.”

Thomas Osha, executive vice president at Wexford Science & Technology, added: “We were attracted by the innovative technology of a frameless uterine delivery platform and the significant market need of addressing IUD insertion pain.

“3Daughters has an outstanding scientific advisory board and through this partnership, we will provide access to Wexford’s substantial network of university talent, industry experts and strategic partners, as well as resources to help them scale and grow even faster.

“The 3Daughters team’s commitment to innovation for women, solid operational, scientific and executive leadership, and, most importantly, the potential for positive impact on women’s health make this investment an exciting venture for us.”