US-based medical device maker Procept BioRobotics closed a $42m round on Tuesday led by pharmaceutical company Novo that also featured investment firm CPMG and undisclosed existing investors.
Procept has developed a medical device dubbed AquaBeam that enables minimally invasive removal of tissue using a waterjet.
The treatment, named aquablation by the company, is targeted and heat-free, and can be used to combat benign prostatic hyperplasia (BPH), a non-cancerous growth of the prostate.
The capital injection will fund a limited commercial launch of AquaBeam and a Phase 3 clinical trial. The company has already gained conditional approval for an investigational device exemption trial from US regulator Food and Drug Administration.
Procept secured $6m in equity funding in 2013 and $1.6m in debt financing in October 2014, according to regulatory flings.
Jack Nielsen, partner at Novo, said: “The clinical data generated by Procept BioRobotics to date are very promising and we hope the pivotal trial will demonstrate aquablation has the potential to become the new standard of care for BPH treatment.”
– Photo courtesy of Procept BioRobotics