CerviLenz Inc. has raised $4 million in the company’s initial round of venture funding. The company is a maker of a disposable device used to predict the risk of preterm birth in pregnant women.
Louisville-based Chrysalis Ventures invested in CerviLenz along with Ann Arbor, Mich.-based Arboretum Ventures.
The medical field recognises preterm birth as a major problem. Over 540,000 babies (almost 13% of all live births) are born prematurely in the U. S. every year, more than one per minute. Preterm birth represents a tremendous healthcare cost. In 2005, premature births cost the U. S. at least $26.2 billion, or more than $51,000 for each preterm infant.
The company believes that CerviLenz device has the potential to help reduce the incidence of preterm birth. It promises to allow any Obstetrician or Midwife to accurately measure cervical length during a routine exam, and easily identify an increased risk of preterm birth.
“This capital infusion will help us complete currently ongoing clinical studies and allow us to bring this important device to the market,” said Dean Koch, CEO of CerviLenz.
CerviLenz received seed financing from JumpStart Ventures.
