ProVerum Limited, the developer of the ProVee System for BPH, a minimally invasive solution for treating benign prostatic hyperplasia (BPH), announced the closing of an $80 million Series B equity financing. The financing was led by MVM Partners, who were joined by new investors OrbiMed and the Ireland Strategic Investment Fund (ISIF), and included participation from existing investors Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge and Enterprise Ireland amongst others.
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The ProVee System uses a nitinol stent designed to gently re-shape the enlarged BPH prostate and alleviate the associated lower urinary tract symptoms. It is deployed through a low profile, flexible, steerable delivery system with integrated imaging, which is the same size as the office-based endoscopes routinely used for diagnosing BPH. Proceeds from the financing will be used to prepare for commercialisation.
“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.”
The Company also welcomed Hugo Harrod, Partner at MVM Partners, and Dina Chaya, Partner at OrbiMed, to its Board of Directors.
MVM partner Hugo Harrod commented: “ProVerum exemplifies MVM’s focus on disruptive medical products addressing areas of true unmet need. We look forward to applying our experience in commercial stage medical technology to support the Company through its next phase.”
OrbiMed Partner Dina Chaya said, “ProVerum has an innovative minimally invasive treatment for BPH and is led by a first-class team. We are delighted to be supporting the Company through the next stage of its growth.”
