Corinth MedTech raises $12 Million in Series D funding led by ShangBay Capital
CUPERTINO, Calif., June 21, 2019 /PRNewswire/ -- Corinth MedTech, a urology healthcare company and the developer of the Veloxion System, for the treatment of BPH (Benign Prostatic Hyperplasia) and TURBT (Transurethral Resection of Bladder Tumor), today announced that it has completed a $12 million equity financing. The financing was led by ShangBay Capital LLC and Aethan Capital, Inc., in addition to the Company's existing investors.
The Veloxion System is intended for endoscopic tissue chip resection and coagulation, and removal of prostate adenomas and bladder tumors under continuous flow conditions using a proprietary bipolar resecting device, combined with a fluid management system and integrated CMOS based visualization technology. Concurrent with the financing, William Dai, will join the Corinth MedTech Board of Directors.
"We are very excited about the potential of the Veloxion System to establish a new gold standard in surgical BPH and TURBT treatments. Corinth has developed multiple proprietary technology platforms including radiofrequency tissue resection, radiofrequency hardened CMOS visualization and fluid management," said Mr. Dai, founding partner of ShangBay Capital.
"The Veloxion System has the potential to make a significant impact in the way patients are treated for these incapacitating diseases," stated Gerrit Adams, from Crown Venture Fund. "As the first institutional investor in Corinth, we are excited to bring this new approach to the market."
Corinth MedTech will use the proceeds from the financing to launch the commercialization of the Veloxion System, which received U.S. Food and Drug Administration (FDA) 510(k) clearance in May 2019.
"On behalf of all of the shareholders in Corinth MedTech, I welcome ShangBay Capital as a new investor and William as a new member of our Board," said Csaba Truckai, President and CEO of Corinth MedTech.
About 300,000 men suffer from BPH that requires surgical treatment and approximately 400,000 patients require TURBT procedures annually. The Corinth technology is also capable of treating women suffering from intrauterine polyps, fibroids and abnormal uterine bleeding (AUB). According to the New England Journal of Medicine, over one million women suffer from the above listed diseases.
Corinth MedTech projects a combined $2 billion plus global market opportunity for its Veloxion System.
About ShangBay Capital LLC
ShangBay Capital is a venture capital company that brings investors access to best-in-class investments in U.S. medical device technologies, biotechnology, and mobile healthcare sectors through early-stage venture equity participation.
SOURCE Corinth MedTech