May Health raises $25 million in Series B funding to advance development for Ovarian Rebalancing therapy

- Bpifrance and Trill Impact Ventures co-led the round, joining founding investor Sofinnova Partners, to support the company’s pivotal REBALANCE study evaluating Ovarian Rebalancing in women with infertility caused by PCOS

PARIS, May 13, 2024--May Health, a clinical-stage medical device company dedicated to helping those living with the endocrine disorder polycystic ovary syndrome (PCOS), today announced it has closed a $25 million Series B financing round, co-led by Bpifrance and Trill Impact with participation from founding investor Sofinnova Partners, as well as Avestria Ventures and Kidron Capital Assets LP. Funds will be used to support the company’s growth and advance its Ovarian Rebalancing™ therapy through the pivotal REBALANCE Study, evaluating its potential to address PCOS-related infertility.

"For the millions of women living with PCOS, the physical and emotional impact of this condition is profound. From fertility challenges to emotional well-being and physical symptoms, women with PCOS need more viable treatment options," said Anne Morrissey, CEO of May Health. "We are thankful to Bpifrance and Trill Impact for co-leading this financing round, together with our founding investor Sofinnova Partners, and to our deep bench of supporters and advisors for their confidence in our team and growth strategy. We are eager to continue building on the positive results of our previous clinical studies as well as this financing milestone as we work to become a leader in global women’s health and PCOS-related infertility."

In conjunction with the financing, Nina Rawal, co-head and partner at Trill Impact Ventures Advisory, and Jean-Francois Morin, investment director at Bpifrance, will join May Health’s Board of Directors.

Nina Rawal, co-head and partner at Trill Impact Ventures, added, "We see May Health as a great example of a company where commercial opportunity and impact go hand in hand. Trill Impact is excited to collaborate with the May Health team and its strong shareholders to bring their innovative product to women who have suffered from a lack of treatment options for too long."

"May Health is charting a new path in fertility care for women with PCOS with its innovative Ovarian Rebalancing therapy," said Jean-François Morin, investment director at Bpifrance. "We are thrilled to support the company’s effort to bring its new approach to women with PCOS, including advancing it in the pivotal REBALANCE Study. With its unique mechanism of action, May Health’s device has the potential to significantly improve the lives of patients with PCOS, including but not limited to related infertility issues. We are committed to supporting May Health to become a leader in the PCOS space."

PCOS affects 10% of women.1 It is a serious and lifelong endocrine condition caused by hormone imbalance, and the leading cause of female infertility. In women with PCOS, there is a local disregulation of androgens as compared to estrogens in the ovary, leading to inconsistent ovulation. In addition to being a common cause of infertility, PCOS is associated with increased insulin resistance, Type 2 diabetes, heart disease and stroke. PCOS can also present challenging day-to-day struggles with irregular menstruation, acne, thinning scalp hair, excessive body hair growth, high blood pressure and sleep apnea.

Ovarian Rebalancing is an investigational treatment designed to restore women’s natural ovulation cycles. The straightforward, one-time in-office procedure is designed to induce ovulation through targeted ablation of ovarian tissue using radiofrequency (RF) energy.

"The May Health team, led by highly accomplished leaders in women’s health, has been dedicated to bringing new treatment options to women with PCOS," said Antoine Papiernik, chairman and managing partner at Sofinnova Partners and previous chairman of the May Health board. "We’ve been steadfast supporters of May Health from the time of the company’s inception by our MD Start medtech accelerator team in 2017 and are delighted to see Bpifrance and Trill Impact Ventures co-leading the Series B financing round, joining us in championing May Health's mission and recognizing the transformative potential of Ovarian Rebalancing."

"For years, women with PCOS who struggle with infertility have sought alternative treatment options that go beyond IVF and laparoscopic ovarian drilling," said Dr. Robert Auerbach, OBGYN, chairman of the May Health board. "Our team is working to develop a simple and safe procedure that can activate natural ovulation and help women regain their ability to grow their families. We’re thankful to our investment partners for their support and look forward to further research of Ovarian Balancing in the REBALANCE Study."

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1 CDC

About the REBALANCE Study

The REBALANCE Study is a prospective, multi-center, randomized pivotal study of May Health’s Ovarian Rebalancing™ therapy, designed to evaluate ovarian ablation with Ovarian Rebalancing in women aged 18-40 who have been diagnosed with PCOS and are resistant to or are contraindicated to or decline first-line ovulation induction treatments. More than 15 fertility centers across the U.S. will participate in the clinical trial. Learn more at www.mayhealth.com/rebalance-study

About May Health

May Health is a clinical-stage medical device company committed to developing treatment options for women living with PCOS. The company is currently investigating its Ovarian Rebalancing™ treatment in clinical studies. Ovarian Rebalancing is a novel approach to PCOS-related fertility that has the potential to be a safe, straightforward option for activating natural ovulation. May Health is led by a team of serial medtech and women’s health entrepreneurs and executives with extensive experience in product development, validation, and launch. The company was founded in 2017 by Sofinnova Partners’ medtech acceleration team, MD Start. May Health is headquartered in Paris. For more information, visit www.mayhealth.com

About Trill Impact

Trill Impact is a pioneering Impact House with around EUR 1.2 billion in assets under management across its investment strategies, Impact Private Equity, Impact Ventures and Microfinance, with a team of around 55 experienced professionals based in the Nordics, Germany, Luxembourg and USA. Trill Impact aims to become a force for positive change through impact private investments, delivering Real Returns and Lasting Impact for the benefit of investors, businesses and society at large - encouraging others to follow. For more information, please visit: www.trillimpact.com

About Bpifrance

Bpifrance Investissement is the management company that handles Bpifrance's equity investments. Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges from innovation to export. For more information, please visit: https://www.bpifrance.com/

Follow us on Twitter: @Bpifrance - @BpifrancePresse

About Sofinnova

Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future.

Founded in 1972, Sofinnova Partners is a deeply established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €2.5 billion under management. For more information, please visit: sofinnovapartners.com

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