GT Urological LLC raised $4.56 million from the sale of equity, according to documents filed with the Securities & Exchange Commission.
Overall, the company, based in Minneapolis, is seeking $5 million to develop a device that treats patients suffering from urinary incontinence. Founder and president Dr. Gerald Timm did not immediately return a call seeking comment.
The disposable device, called ActiCuf Compression Pouch, helps men manage urine flow by applying pressure on the urethra. ActiCuf, which is worn on the penis, also captures any leaked urine.
GT Urological estimates that 13 million Americans suffer from urinary incontinence, a large market that has attracted considerable interest from Minnesota’s medical device community.
Players include large manufacturers like Medtronic, American Medical Systems, and Coloplast to startups like Uromedica and Uroplasty, which recently won Medicare reimbursement for its neuromodulation therapy.
In February, GT Urological said it raised $1 million from investors, with commitments for $3 million should the startup hit certain milestones this year and in 2011.
Since its founding in 2003, the company has raised about $11 million, including $9 million in private capital and $2.2 million in Small Business Innovative Research grants from the National Institutes of Health.