NxThera has closed its Series C financing round at an amount the company said surpassed its $20 million target. Investors in this round were not disclosed. Based in Maple Grove, Minnesota, NxThera is a medical device company that focuses on endourology conditions. The firm’s previous backers include Arborteum Ventures and Aberdare Ventures.
Maple Grove, MN, USA (February 26, 2014) – NxThera, Inc., a privately held medical device company developing endourology applications for its proprietary and innovative Convective WAVE™ (water vapor energy) Technology platform, today announced completion of its Series C round of financing. The initial closing of this Series C financing was reported in August of 2013, and with today’s closing, total capital raised in this round exceeded the Company’s original $20 million objective. This Series C financing is being used to fund NxThera’s (i) Rezūm® U.S. pivotal clinical trial, the data from which will be used to seek FDA clearance to market its Rezūm System to treat benign prostatic hyperplasia (BPH), (ii) commercialization of its Rezūm System to treat BPH at select centers in Europe, and (iii) clinical feasibility studies to evaluate applications of Convective WAVE Technology to treat prostate cancer and kidney cancer.
“We sincerely appreciate the commitment, confidence and support, from both our existing investors and our new investors, as we move closer to realizing NxThera’s vision of transforming the treatment experience of urologists and the millions of men who suffer from prostate conditions,” said Bob Paulson, president and chief executive officer of NxThera. “We are very pleased with the rate of enrollment in our U.S. BPH pivotal trial. With the completion of this round of financing, we believe NxThera is well-positioned to seek FDA clearance of our Rezūm System following completion of the pivotal trial, gain targeted commercial experience in Europe, and continue our prostate and kidney cancer clinical development programs.”
Endourologic conditions such as BPH, prostate cancer and kidney cancer affect a significant number of men each year. More than 12 million men in the U.S. have been diagnosed with BPH and more than 70 percent of men over age 60 experience symptoms of BPH. More than 2.5 million men in the U.S. have been diagnosed with prostate cancer.
NxThera is pioneering the application of its Convective WAVE Technology platform to treat a variety of endourology conditions including BPH, prostate cancer and kidney cancer.
NxThera’s sterile water vapor, or steam, technology platform enables the delivery of targeted, precise BPH treatments in a simple, office-based procedure designed to take only minutes, with minimal discomfort, and provide improvements in urine flow and improved quality of life. Founded in 2008, NxThera is located in Maple Grove, Minnesota.
For more information, visit www.nxthera.com.