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Could the first instant at-home test transform how women track their hormones?

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Eli Health is on a mission to transform female hormone testing with the first FDA-registered instant hormone monitoring system. Co-founder and CEO, Marina Pavlovic Rivas, speaks to Femtech World about making hormone testing more accessible.

The Hormometer, developed by femtech company, Eli Health, enables real-time, saliva testing for instant results, enabling women to monitor their hormonal fluctuations from the comfort of their own home.

Developed over five years, Eli Health raised US$12m in its Series A funding to scale the product, bringing its total funding to US$20m. 

The FDA-registered Hormometer is an at-home needle-free test kit that utilises AI for data-driven insights. Currently, the Hormometer enables women to test their progesterone and cortisol levels, with estradiol testing currently in development.

While women have traditionally paid hundreds of pounds for tests, potentially waiting weeks for test results, Eli’s Hormometer uses computer vision algorithms to analyse the saliva samples, delivering results in 20 minutes at around UD$8 per test.

Marina Pavlovic Rivas, co-founder and CEO of Eli Health, which has 12 patented inventions for hormone monitoring, says that the tests and accompanying app offer insights into women’s health across fertility, menopause, and mental health, enabling improved access and affordability to hormone testing.

“We started the company because we wanted women to have access to the important data when it comes to their health,” Rivas tells Femtech World.

“We realised that when it comes to hormones, this data doesn’t exist at the frequency it’s needed, because you can test your hormones through a lab, but that process takes at best a few days, and on average, a few weeks. It is quite expensive as well.”

Traditional hormone lab tests only provide insight into a certain window of time, Rivas explains, but for women, whose hormones are in constant fluctuation, more consistent monitoring is needed. Hormones like cortisol can also fluctuate up to 100 per cent in one hour, making it difficult to get a full picture. 

“This frequency and cost don’t enable high frequency, long-term testing, which reflects, ultimately, the fluctuations of hormones that happen on a daily basis,” Rivas says.

“Our mission became to create that real-time interface for the human body, so that we can have access to this data at the frequency that matters.”

Using lateral flow assays, the test works by collecting saliva from the tongue. The individual then uploads a picture of the test into the app. 

The app utilises AI-driven insights to provide lab-grade results on hormone levels, along with scores, benchmarks and recommendations to enable women to take action.

“What we enable is not just cheaper, faster testing,” says Rivas. “It’s a very different approach to this type of data. Let’s say you’re measuring your heart rate at the doctor’s office once per year, it’s very different to having it on your wrist at all times with a smart watch. That becomes information that you can use on a daily basis to take actions around your lifestyle, for example, sleep, exercise, and all areas of your health and wellness.”

Explaining the range of markers measured by the Hormometre, she continues: “It touches the typical areas of women’s health – fertility and menopause, but also endocrine conditions and beyond that, some of our hormones, like cortisol, are not reproductive hormones. For us, it was important to include them, because when we speak of hormonal health, it goes beyond reproductive health.

“Some biomarkers like cortisol have a major impact on mental health, how people feel on a daily basis, how they perform at work, but also when they exercise and ultimately, all aspects of their health. It is our mission to enable people to improve their health and performance across all of those different areas.”

Rivas adds: “Around 80 per cent of women will experience symptoms related to hormonal imbalances in their lives, so that’s a very high number of people. When it comes to some hormones like cortisol, there’s one in three people who experience dysregulation. 

“How that translates on a day-to-day basis is that people live with different symptoms that impact their work, that impact personal lives, and having that information enables them to manage those symptoms and even eliminate them.”

It is not only about monitoring hormones, as Rivas highlights, but also about taking preventative action to ward off potential chronic conditions in the future.

“It has been shown in research again and again that dysregulation of some hormones, like cortisol, is also linked to higher probability of developing different conditions, including chronic conditions, heart conditions, cognitive disease and more,” says Rivas.

“Tracking hormones has the double benefit of feeling better today, but also preventing different conditions tomorrow.”

Having recently won the Femtech World Brain and Mental Health Innovation award for its work to help women better understand the impact of hormones on their mental health, EliHealth is now focusing on expanding to other markers.

“We are always focused on making a product that can address the needs of our users, and we’re always very focused on that work. So, to be able to take a step back and have recognition from the industry is meaningful for us in our mission,” Rivas adds.

“The future will be about continuing to focus on that mission of making a real-time interface to the human body by expanding to other hormones and their markers, and ultimately providing that information in real time to our users.”

Eli Health won the Brain and Mental Health Innovation category at the Femtech World Awards 2025. See full winners list here

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Sun Pharma to acquire Organon in US$11bn deal

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Indian pharmaceutical giant Sun Pharma has agreed to buy Organon for US$11.75bn in a deal aimed at expanding its women’s health and biosimilars business.

Organon, which was spun out of Merck in 2021, has built a portfolio of more than 70 women’s health and general medicines products, including biosimilars, sold in the US and about 140 other countries.

The acquisition would give Sun Pharma a broader presence in biosimilars, which are medicines designed to be highly similar to existing biological drugs, and strengthen its position in women’s health.

Dilip Shanghvi, executive chairman of Sun Pharma, said: “Organon’s portfolio, capabilities, and global reach are highly complementary to our own, and we believe that bringing the two organizations together can create a stronger and more diversified platform.”

The companies said the combined business would generate annual revenue of US$12.4bn, operate across 150 countries and rank among the top three companies globally in women’s health.

They also said it would become the seventh largest biosimilar player.

Sun Pharma said the deal would help grow its innovative medicines business and expand its biosimilars offering.

It added that the combined company would have 18 large markets each generating more than US$100m in revenue.

Organon’s largest markets include the US, Brazil, Canada, China and countries in the European Union. The company also has six manufacturing facilities across the EU and emerging markets.

The deal follows market speculation that began on 10 April, when Indian media reported that Sun Pharma had submitted an all-cash offer for Organon.

A later report said the offer had been revised to US$13bn. Sun Pharma shares rose about 7 per cent on India’s National Stock Exchange after the announcement.

Sun Pharma said it would acquire all of Organon’s issued and outstanding shares in cash, using a combination of available cash and committed bank financing. It also estimated synergies of about US$350m within two to four years of completion.

The company said the acquisition would strengthen its cash generation, with EBITDA and cash flow set to nearly double, supporting efforts to reduce the net debt to EBITDA ratio of 2.3 times resulting from the deal. EBITDA is a measure of operating performance before certain costs are deducted.

Organon reported revenue of US$6.2bn last year and adjusted EBITDA of US$1.9bn. It also reported debt of US$8.64bn, down from US$9.5bn when it separated from Merck, and a cash balance of US$574m.

In November, Organon announced plans to sell its JADA System, designed to control and treat abnormal postpartum uterine bleeding or haemorrhage, to Laborie Medical Technologies for up to US$465m. Net proceeds from the sale will contribute to Organon’s cash balance as of 31 March 2026.

Organon will merge with a subsidiary of Sun Pharma, with Organon surviving the merger. The boards of both companies have approved the transaction.

Carrie Cox, executive chair of Organon, said: “Following a comprehensive review of strategic alternatives, our Board determined that this all-cash transaction offers compelling and immediate value to Organon stockholders.”

The transaction is expected to close in early 2027, subject to regulatory approvals and Organon stockholder approval.

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Women’s digital health market set to reach US$5.28 billion in 2026 – report

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The women’s digital health market is set to reach US$5.28bn in 2026, up from US$4.36bn in 2025, according to a new report.

That would represent annual growth of 20.9 per cent, driven by factors including greater smartphone use among women, wider uptake of telehealth and a stronger focus on preventive care.

The report said the market could reach US$11.47bn by 2030, with projected annual growth of 21.4 per cent over the forecast period.

It also pointed to rising awareness of gender-specific health needs, expansion among digital health start-ups, growing demand for personalised healthcare, investment in femtech innovation and the spread of AI-enabled diagnostics.

Wearables linked to health apps and wider use of remote monitoring tools are also expected to play a larger role, as companies focus on more preventive and joined-up care.

Smartphone use was highlighted as a major driver because mobile apps are increasingly being used for women’s health services, from menstrual cycle tracking to pregnancy support.

The report cited Eurostat data showing that in 2023, 89 per cent of EU residents aged 16 to 74 in urban areas accessed the internet via smartphones.

The report also said companies in the sector are developing new technology aimed at improving access to more personalised healthcare.

One example it gave was a 2024 collaboration between Algorand and the Self-Employed Women’s Association to launch a digital health passport for women in India’s informal economy using blockchain technology.

Recent mergers and acquisitions were also noted. In March 2023, Maven Clinic acquired Naytal to expand its services in the UK and Europe.

North America was identified as the largest market in 2025, while Asia-Pacific is expected to be the fastest-growing region.

Companies named as key players included Flo Health Inc, Natural Cycles, Elvie, Bellabeat, Clue by Biowink, MobileODT Ltd., Glow, Veera Health, Biowink GmbH, Ava AG, Hims & Hers Health, Inc., The Women’s Wellness Centre, Elara Health, myGynaeDoc, Maven Clinic, Kindbody, Allara Health, Tia and Hera Med Ltd.

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Future Fertility raises Series A financing to scale AI tools redefining fertility care worldwide

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Future Fertility Inc. has announced the closing of a US$4.1 million Series A financing round.

The round was led by M Ventures (the corporate venture capital arm of Merck KGaA, Darmstadt, Germany) and Whitecap Venture Partners, with participation from new investors Sandpiper Ventures, Gaingels, and Jolt VC.

The financing will accelerate Future Fertility’s commercial expansion into Asia-Pacific and support its entry into the United States, including planned FDA 510(k) clearance for additional products as part of a broader U.S. market entry strategy.

Proceeds will also advance the development of a broader AI platform, from egg assessment through to embryo transfer, designed to support clinicians, embryologists, and patients across the full IVF journey.

M Ventures and Whitecap have supported Future Fertility’s mission to translate AI innovation into meaningful clinical outcomes since the company’s earliest stages.

Oliver Hardick, investment director, M Ventures, said: “Future Fertility is addressing a critical unmet need in reproductive medicine with a differentiated AI platform grounded in clinical data and real-world workflow integration.

“We are excited to continue supporting the company and team because we believe its technology has the potential to improve decision-making for clinicians, bring greater clarity to patients, and help advance a more personalised standard of care in fertility treatment.”

Future Fertility’s AI platform addresses a long-standing gap in fertility care: historically, there has been no objective, clinically validated method for assessing egg quality (Gardner et al., 2025), despite it being one of the most important drivers of reproductive success.

The company’s suite of deep learning tools includes VIOLET™, MAGENTA™, and ROSE™, purpose-built for egg freezing, IVF, and egg donation respectively.

The tools are based on AI models trained and validated on more than 650,000 oocyte images and are deployed in over 300 clinics across 35 countries.

Rhiannon Davies, founding and managing partner, Sandpiper Ventures, said:  “The best outcomes in fertility care globally come from better data and smarter tools. Future Fertility understands that, and they’ve built a platform that delivers on it.

“Sandpiper is proud to back a team turning rigorous science into real results for patients and clinicians alike.”

Partnerships with the world’s leading fertility networks – including IVI RMA and Eugin Group across Latin America and Europe, FertGroup Medicina Reproductiva in Brazil, and most recently announced Kato Ladies Clinic in Japan –  reflect growing demand for objective, AI-powered oocyte assessment in fertility care. In the United States, ROSE™ is newly available under an FDA 513(g) determination.

Research shows that approximately 50 per cent of IVF patients do not understand their likelihood of success, and many discontinue treatment prematurely, even though cumulative success rates improve significantly with multiple cycles (McMahon et al., 2024).

By delivering earlier clarity on egg quality, Future Fertility’s tools support more informed conversations between clinicians and patients, helping set realistic expectations and guide decisions about next steps.

Future Fertility’s growing evidence base spans seven peer-reviewed publications in Human Reproduction, Reproductive BioMedicine Online, Fertility & Sterility, and Nature’s Scientific Reports, and more than 70 scientific abstracts accepted and presented with partner clinics at conferences worldwide.

Christine Prada, CEO, Future Fertility, said: “Fertility treatment is one of the most emotionally and physically demanding experiences a person can go through.

“Every patient deserves objective data, not just a best guess, to support better decisions at critical moments in their care.

“This funding means we can bring that clarity to more patients, in more countries, at a moment when it matters most.”

Find out more about Future Fertility at futurefertility.com

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