NxThera said it closed a $20 million Series C round that topped its initial $18 million target.
Maple Grove, Minn.-based NxThera won CE Mark approval in the European Union last August for its Rezūm prostate device, which uses steam to reduce the size of the prostate to relieve urinary symptoms from benign prostate hyperplasia.
Along with the EU nod, NxThera said last summer it brought in an initial $18 million from the C round. The proceeds are slated for a pivotal U.S. trial in pursuit of 510(k) clearance from the FDA, NxThera said.
Some of the cash will go toward commercialization in Europe and into R&D for its Convective wave technology prostate and kidney cancer treatment, according to a press release.
“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,” president & CEO Bob Paulson said in prepared remarks. “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.”
Chris Walker contributed to this report