OCON Medical, which is developing an intrauterine device (IUD) in a new configuration, has launched its product in Spain and Belgium. OCON Medical founder Dr. Ilan Baram told "Globes" that sales of the product had already topped $1 million in eight countries. In Israel, pharma company Perrigo Company (NYSE:PRGO; TASE:PRGO) has been distributing the product since last August.
OCON's product is round, in contrast to the T-shape of the current devices. The new product is both easier to insert and more flexible, so it does not damage the sides of the womb. The company is conducting a trial of its device in order to prove that it reduces pain, in comparison with the existing products in the market. Meanwhile, IUDs are a growing section of the birth control market.
Baram says, "The current devices fit into two categories: hormonal and mechanical. A hormonal device emits progestin locally in the womb, and the progestin makes it difficult for the womb to receive the pregnancy. It does not prevent ovulation. This device also reduces menstrual bleeding, and is designed mainly for women who want to reduce menstrual bleeding and pain, in addition to preventing pregnancy.
"Women who do not suffer from severe menstrual bleeding often use a non-hormonal device, and our product is also in this category. At the same time, the current copper devices enhance menstruation and aggravate the pain. Our device does not alter a woman's natural menstruation, and there is a tendency towards reduced bleeding during menstruation. It is also easier to install."
The company began a large-scale trial this year in order to prove its claims. The company says that it has been proven that the round device prevents pregnancy as well as the existing devices, i.e. in 99% of cases.
Over $8 million has been invested in the company to date. Participants in its most recent financing round included Russian fund RNI and a private US investor, in addition to existing investors Pontifax Venture Capital and Docor International.