NxThera said today that Boston Scientific (NYSE:BSX) led a $40 million funding round for its Rezūm device, saying it plans to boost its sales footprint in the U.S. and Europe.
Existing backers Aberdare Ventures, Arboretum Ventures, GDN Holdings and The Ally Bridge Group also participated, Maple Grove, Minn.-based NxThera said.
The company said it also expanded a debt facility it took out from East West Bank.
NxThera won CE Mark approval in the European Union in August 2013 and added FDA approval 2 years later for the Rezūm device, which uses steam to reduce the size of the prostate to relieve urinary symptoms from benign prostate hyperplasia.
American Medical Systems, which Boston Scientific paid $1.6 billion for in August, 1st acquired a stake in NxThera in 2010.
“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,” president & CEO J. Robert Paulson Jr. said in prepared remarks. “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. We also intend to use a portion of these proceeds to fund ongoing product development and clinical studies to expand the application of our [convective water vapor energy] technology to treat men afflicted with prostate cancer.”
In March 2014, NxThera closed a $20 million Series C round that topped its initial $18 million target.
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