ProVerum announced today that it closed an $80 million Series B equity financing to support its device to treat benign prostatic hyperplasia (BPH).
MVM Partners led the financing. New investors OrbiMed and the Ireland Strategic Investment Fund (ISIF) also joined in. Existing investors Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge and Enterprise Ireland participated, too. Following the financing, Hugo Harrod, partner at MVM, and Dina Chaya, partner at OrbiMed, joined the company’s board of directors.
“I’m delighted to welcome MVM, OrbiMed and ISIF to the ProVerum team,” said Paul Bateman, CEO of ProVerum Ltd. “This is an exciting time for the company as we prepare to commercialize our novel treatment for men with BPH.”
Dublin, Ireland-based ProVerum develops the ProVee system for treating BPH. ProVee uses a nitinol stent designed to gently reshape the enlarged BPH prostate and alleviate associated lower urinary tract symptoms. The system is deployed through a low-profile, flexible, steerable delivery system with integrated imaging. This system comes in at the same size as office-based endoscopes routinely used for diagnosing BPH.
The ProVee stent has an atraumatic profile, universally sized to treat all indicated anatomy. It has no crossing struts to minimize potential encrustation as it supports the three dominant lobes of the prostate. ProVerum designed the system to accommodate the verumontanum and fit between the bladder neck and external sphincter.
Additionally, ProVee features radial force tuned to gently push against prostatic tisse. The company designed it as a reversible option, capable of retrieval for any reason at any time.
ProVerum intends to use proceeds from the financing to prepare for its commercialization efforts for ProVee.
