Corinth MedTech said last week that it raised a $12 million Series D round for the urology device it’s developing.
Cupertino, Calif.-based Micro Medical’s Veloxion device is designed to treat benign prostate hyperplasia and bladder tumors under continuous flow conditions using a bipolar resecting device, a fluid management system and integrated visualization technology.
Proceeds from the round, which was led by ShangBay Capital and Aethan Capital, joined by existing backers, are earmarked for commercializing the FDA-cleared Veloxion.
“On behalf of all of the shareholders in Corinth MedTech, I welcome ShangBay Capital as a new investor and William as a new member of our Board,” president & CEO Csaba Truckai said in prepared remarks.
“We are very excited about the potential of the Veloxion system to establish a new gold standard in surgical BPH and TURBT treatments. Corinth has developed multiple proprietary technology platforms including radiofrequency tissue resection, radiofrequency hardened CMOS visualization and fluid management,” ShangBay founding partner William Dai, who’s joining the Corinth board as part of the round, said in prepared remarks.
“The Veloxion system has the potential to make a significant impact in the way patients are treated for these incapacitating diseases,” said Crown Venture’s Gerrit Adams. “As the first institutional investor in Corinth, we are excited to bring this new approach to the market.”