Word is out about the identity of the corporate partner NxThera CEO Robert Paulson mentioned last week: American Medical Systems Inc. (NSDQ:AMMD).
AMS specializes in medical devices related to pelvic health. NxThera is developing a thermal vapor prostate treatment that involves the same area of the body where American Medical Systems’ expertise lies.
AMS led a recently completed $12.6 million Series B round of equity financing for Shoreview, Minn.-based NxThera, according to a news release. The funding comes on top of the $6 million NxThera raised last year.
Minnetonka, Minn.-based American Medical Systems was joined in the latest round of financing by NxThera’s existing investors: Arboretum Ventures, Aberdare Ventures and GDN Holdings. Dr. Glen Nelson, chairman of GDN Holdings and retired vice-chairman of Medtronic Inc. (NYSE:MDT), joined NxThera’s board as part of the funding round.
NxThera’s technology is meant to inject hot vapor into an enlarged prostate in order to shrink to stop it from obstructing the urinary tract. The technology might also be adapted to treat prostate, kidney or bladder cancer.
“We believe NxThera’s vapor ablation platform is an exciting technology with the potential to become an efficient and effective outpatient solution that will significantly reduce procedure times with good patient outcomes,” Max Fiore, senior vice president and chief technology officer of AMS, said in the news release.