Procept BioRobotics, a US-based surgical robotics technology developer backed by pharmaceutical company Novo, secured $118m yesterday in a funding round led by investment firm Viking Global Investors.
Hedge fund sponsor Perceptive Advisors also took part in the round alongside existing backers including investment management firm CPMG.
Procept will use the proceeds to support the international commercialisation of its lead product, an aquablation system that uses water jet therapy to treat benign prostatic hyperplasia (BPH), a condition in which the prostate gland is enlarged.
The product, Aquabeam, also features a multi-dimensional prostate imaging system. It has been developed as an alternative to current treatments that can provide relief, but which come with sexual side effects, and is available in the US, Canada, Australia, New Zealand and part of Europe.
The company had raised $6m in equity financing and $1.6m in debt across 2013 and 2014, according to securities filings, before Novo led a $42m round in 2015 that included CPMG and unnamed existing investors.
Nikolai Aljuri, chief executive of Procept, said: “Our investors share our vision to make aquablation therapy the new standard of care and treatment of choice for BPH.”
– Image courtesy of Procept BioRobotics, Inc.