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.