NxThera said it closed on a Series C round worth $18.2 million and won CE Mark approval for its Rezum treatment for benign prostatic hyperplasia.
Maple Grove, Minn.-based NxThera’s device uses steam to reduce the size of the prostate to relieve urinary symptoms from BPH, according to NxThera’s website.
NxThera did not name any of the investors in its C round, but Arboretum Ventures, American Medical Systems, Aberdare Ventures and GDN Holdings (the investment firm of former Medtronic vice chairman Dr. Glen Nelson) all participated in a $12.6 million Series B round back in 2011.
The company said it plans to use the Series C round to back a clinical trial ahead of a bid for U.S. clearance for the Rezum device, to commercialize the treatment in Europe and to look into using its sterile water vapor technology in treating prostate cancer and kidney cancer.
"We sincerely appreciate the continued engagement and support of our investors as we move closer to realizing NxThera’s vision of a fundamentally new treatment approach that will transform the experience of urologists and the millions of men they treat who suffer from prostate conditions," president & CEO Bob Paulson said in prepared remarks. "With this round of financing, we are well-positioned to undertake and complete our U.S. BPH pivotal trial, obtain early commercial BPH experience in Europe, and accelerate our prostate and kidney cancer clinical development programs."
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