Irish firm ProVerum, which develops minimally invasive medical devices to treat benign prostatic hyperplasia (BPH), has raised $80 million in a Series B funding round led by MVM Partners.
- Launched in 2015, ProVerum is a Dublin-based medical device company that develops minimally invasive technologies to treat benign prostatic hyperplasia (BPH).
- Its flagship product, the ProVee® System, is a nitinol stent designed to gently reshape the enlarged prostate and relieve lower urinary tract symptoms.
- The stent is delivered through a flexible, steerable delivery device similar in size to standard diagnostic cystoscopes and is guided with integrated imaging.
- The ProVee stent works by applying radial force to the prostatic lobes, opening the urethra, and providing rapid, precise, reversible, and atraumatic relief. Its design accommodates various prostate anatomies, minimizes potential encrustation, and can be retrieved at any time if necessary.
Details of the deal
- The investment was led by MVM Partners, a global investor in high-growth healthcare companies, and participation from new investors OrbiMed and Dublin-based firm the Ireland Strategic Investment Fund (ISIF), as well as existing investors Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge, and Enterprise Ireland.
"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," commented Hugo Harrod, Partner at MVM, commented.
- With the fresh capital, the company plans to finalize product development, advance regulatory submissions, scale production capabilities, and establish the commercial framework required to introduce the ProVee® System to patients worldwide.
"I'm delighted to welcome MVM, OrbiMed and ISIF to the ProVerum team. This is an exciting time for the company as we prepare to commercialize our novel treatment for men with BPH," claims Paul Bateman, CEO of ProVerum.
