Hera Biotech raises US$1.9m seed round for endometriosis diagnostic test

The medical start-up, Hera Biotech, has closed a US$1.9m seed round to support the commercialisation strategy of its non-surgical diagnostic test for endometriosis.

The funds will be used to complete an in-patient human clinical study, expand the company’s IP portfolio, and support a regulatory pathway with the US FDA.

MetriDx is thought to be the world’s first non-surgical test for definitive diagnosis and staging of endometriosis.

A sample of the patient’s endometrium is collected during an in-office procedure – similar to a pap smear but in the uterus – eliminating the need for surgery. The configuration of the test uses micro-fluidic analysis of single cells obtained from the patient to diagnose and stage endometriosis.

The San Antonio-based start-up hopes MetriDx will bring unprecedented diagnostic capability to physicians, lower liability risk within hospitals, eliminate unnecessary surgical procedures, and reduce the considerable time patients suffer before receiving a diagnosis, while maintaining tissue collection and a direct pathology diagnosis.

Investors in the US$1.9m-round included primarily female supporters from individual sources and investment firms Coyote Ventures, Stella Angels, Althea Group Ventures, and the Kendra Scott Women’s Entrepreneurial Leadership Institute (KS WELI)

Hera intends to start a Series A raise of US$15m in late 2022 to support the commercial launch of its product in 2024.

“Our seed round was oversubscribed by nearly 100 per cent from our original goal – which is an enthusiastic validation of our technology and the need for a solution for this pervasive and persistent, yet unsolved problem, in women’s health,” said founder and CEO, Somer Baburek, MBA.

Lesley Robinson, director of the KS WELI, said: “The Kendra Scott Women’s Entrepreneurial Leadership Institute at the University of Texas is thrilled to be part of Hera Biotech’s successful seed round through their wins at our Fall 2021 Female Founder Pitch Competition and Spring 2022 Dream to Venture events.

“We are dedicated to supporting empowered women with the entrepreneurial spirit that can change the world, and Hera’s mission shines an important light on women’s health.”

Endometriosis, a disease where tissue similar to the lining of the uterus grows outside the uterus, causing pain and infertility problems, affects roughly 190 million women of reproductive age globally.