MHB Labs said Wednesday it raised $1.1 million in seed financing round from Romulus Capital and other angel investors. Chestnut Hills, Massachusetts-based MHB Labs provides men’s health research and development.
Chestnut Hill, MA (PRWEB) March 18, 2015
MHB Labs, a leader in men’s health research and development, announced the completion of a $1.1 million seed financing round from Romulus Capital and other angel investors including prominent physicians and biotechnology entrepreneurs.
MHB Labs grew out of the clinical practice at Men’s Health Boston, which was founded in 1999 as the first men’s health center in the US. The company’s leadership includes men’s health experts closely affiliated with Harvard Medical School. Their primary product, AndroSphereTM, involves the application of cutting edge drug delivery techniques to a well-established but underutilized medication.
“We have known for years that this drug had significant potential outside of its traditional applications. However, it is very impractical and inconvenient to use. We have found a way to make administration cheaper and more convenient, opening up new clinical applications and the potential to become the market leader in a major pharmaceutical class,” said Ravi Kacker, CEO. MHB Labs is additionally involved in the development of superior products for the management of erectile dysfunction and anorgasmia. The company is actively seeking other best-in-class men’s health products to develop and commercialize using the MHB Labs platform.
MHB Labs’ low-cost approach to medical product development has caught the interest of angel investors and Romulus Capital, a Cambridge-based venture capital firm. Romulus has previously partnered with other medical technology companies out of Harvard, including Allurion Technologies creating a novel solution to obesity.
Krishna K. Gupta, Founder and Managing Partner of Romulus Capital commented, “MHB Labs is tackling a massive opportunity by innovating in men’s health. Men are waking up to and being more open about their medical needs and Drs. Kacker and Morgentaler out of Harvard are the world’s best-positioned team to cater to them in a safe and efficacious manner. They’ve been in the space for 30 years. We are great fans of medical technology companies that are lean and attacking really large, universal problems.”
About MHB Labs
MHB Labs is a virtual biotech founded by two leading physician-scientists at Men’s Health Boston. The company leverages industry partnerships and clinical insight from over 30 years of experience in the men’s health space in order to develop new and high-impact products. MHB Labs has assembled a global team of world-class advisors, contractors, and strategic partners that allow them to build value around early phase clinical ideas and position them for market success. More information is available at http://www.mhblabs.com.
About Romulus Capital
Romulus Capital is a $50M seed-stage venture capital firm focused on building, rather than betting on, the next big technology and science-enabled companies. The firm partners with entrepreneurs looking to become industry leaders and works with them to build world-class teams, win major customers, iterate on product, and think strategically about building a strong foundation. The firm was founded out of MIT in 2008. More information is available athttp://www.romuluscap.com.