NxThera Completes $40M Financing
MAPLE GROVE, Minn., Dec. 3, 2015 /PRNewswire/ -- NxThera, Inc., a medical device company pioneering the application of its Convective Water Vapor Energy (WAVE) platform technology to treat endourological conditions, today announced completion of a $40M round of financing. The round was led by Boston Scientific Corporation, with follow-on investments from the Company’s current investors, including Aberdare Ventures, Arboretum Ventures, GDN Holdings and The Ally Bridge Group, and an expansion of the Company’s debt facility with East West Bank. The investment by Boston Scientific follows previous investments in NxThera made since 2010 by American Medical Systems, whose Men’s Health and Prostate Health businesses were acquired by Boston Scientific in August 2015.
Globally, over 50% of men over the age of 50 suffer from the symptoms of benign prostatic hyperplasia (BPH), including frequency, intermittency, urgency, weak stream and straining to urinate, and waking up multiple times during the night to urinate (nocturia). Of the more than 12 million U.S. men diagnosed with BPH, more than 50% become refractory, non-responsive, or unwilling to deal with the side effects of medical therapies, or are reluctant to risk the complications or side effects of invasive surgical procedures which require general anesthesia.
The Company intends to use the proceeds from this round to expand sales of the Rezm System to treat benign prostate hyperplasia (BPH) in the U.S. and selected international markets. The Rezm System received FDA clearance in August and allows urologists to treat their BPH patients in a variety of clinical settings, including in urology clinics as well as surgical centers.
“We are very pleased to have Boston Scientific join NxThera’s consortium of investors and continue the strategic investment first made by American Medical Systems,” said J. Robert Paulson, Jr., president & CEO, NxThera. “This round of financing allows us to expand our support of urologists interested in offering their patients an innovative office-based treatment option, with the demonstrated ability to significantly alleviate the bothersome symptoms related to BPH while preserving erectile and ejaculatory function” said Paulson. “We also intend to use a portion of these proceeds to fund ongoing product development and clinical studies to expand the application of our WAVE technology to treat men afflicted with prostate cancer.”
About NxThera
NxThera pioneered its Convective Water Vapor Energy (WAVE) technology platform to treat a variety of endourological conditions beginning with BPH. NxThera’s FDA cleared Rezm System to treat BPH uses radiofrequency energy to create sterile water vapor, or steam, to convectively deliver targeted, precise thermal energy treatments in a simple procedure with minimal discomfort, and provide improvements in LUTS symptoms, urine flow and quality of life. The Company is furthering the application of the technology platform through advanced research and development targeting the treatment of prostate cancer and kidney cancer. Founded in 2008, NxThera is located in Maple Grove, Minnesota.
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SOURCE NxThera, Inc.
