Elle MD raises C$1.1M pre-seed for non-hormonal, removable birth control ring
What's the deal? Nova Scotia femtech startup Elle MD Biotechnologies has raised C$1.1 million in an all-equity pre-seed round to fund clinical testing of its non-hormonal contraceptive vaginal ring, the Livv. Investors include Elizabeth Edwards of H Venture PartnersDealroom has a profile for this one. Try Dealroom →, physician Dr. Robin Leblanc, Invest Nova Scotia, the New Brunswick Innovation FoundationDealroom has a profile for this one. Try Dealroom →, the Community Business Development Corporation at Hants-Kings, the Queen's University Tricolour Venture Fund, Spring Invest Together, and Startup TNT.
What's the endgame? The Livv is a silicone-and-copper ring, similar to a NuvaRing, inserted once a month. Instead of releasing hormones, its copper component interferes with sperm to prevent fertilisation.
Why now? Founder and family physician Dr. Jennifer Johnston built the device after seeing patients who could not tolerate or did not want hormonal birth control. "I wanted something better for my patients, and better for me," she said.
The Livv also lets patients remove it anytime, unlike an IUD, which must be taken out at a clinic.
What's next? Elle plans its first in-human clinical trial this fall at The Ottawa Hospital, pending Health Canada approval. The first trial will validate safety; later trials would test efficacy at preventing pregnancy. The startup has already completed tests in sheep, which showed safety and efficacy.
Elle has now raised C$2.5 million in total, including non-dilutive grants. It recently completed an accelerator run by women's health pharmaceutical company OrganonDealroom has a profile for this one. Try Dealroom →, giving it access to Organon's research and development team.
What could go wrong? The trial hinges on regulatory clearance, and efficacy in humans remains unproven. Johnston noted that "research is the most expensive part."
The signal: Women-led tech startups in Canada have long received less funding than their peers, tied in part to the underfunding of women's health research. Elle joins a group of femtech startups securing early-stage financing — and Johnston said the round was "shockingly" easier to raise than she expected.
Read more: BetaKit
