The Food and Drug Administration approved Bayer's hormonal contraceptive device Kyleena, reported Reuters.
The T-shaped intrauterine device releases levonorgestrel, a hormone that stops the womb lining from thickening and consequently prevents pregnancy.
Women using Kyleena may also experience fewer days of bleeding, while periods may stop altogether for some, according to the report.
Germany-based Bayer, which already offers two other hormonal IUDs, will launch Kyleena in October.
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