Procept BioRobotics said today that it closed on a $42 million round for its AquaBeam “waterjet ablation” device for treating prostate cancer.
Redwood Shores, Calif.-based Procept said the round was led by Novo Nordisk’s (NYSE:NVO) investment arm, Novo A/S, with new backer CPMG and existing investors also contributing.
The AquaBeam device uses a high-pressure water jet to excise tissue from the prostate. The jet’s pressure is then reduced so that is can be used to carry a laser light beam to cauterize the incision. The aim is to reduce the heat damage to adjacent tissue common in more standard interventions. The system uses image-based ultrasound to help surgeons map, plan and execute the procedure.
Procept said it plans to use the proceeds to back a limited commercial launch in “targeted international markets” and for a randomized, blinded, controlled clinical study dubbed Water. The company also said it won conditional approval from the FDA for a U.S. investigational device exemption trial.
“We appreciate the strong support from our new and existing investors to help Procept offer Aquablation to patients and to share our vision by recognizing AquaBeam’s potential to revolutionize the treatment paradigm for prostate disease,” founder & CEO Nikolai Aljuri said in prepared remarks. “We look forward to the initiation later this year of the Water study, our global Phase III clinical study which will compare the safety and effectiveness of Aquablation to the current standard of care, transurethral resection of the prostate, or TURP, for the treatment of benign prostatic hyperplasia.”
“The clinical data generated by Procept BioRobotics to date are very promising and we hope the pivotal trial will demonstrate Aquablation has the potential to become the new standard of care for BPH treatment,” added Novo A/S partner Jack Nielsen.