Urology device startup UroCure has raised $2.5 million as it looks to fund development of urethral slings designed to treat female stress urinary incontinence, president and CEO John Nealon told MassDevice.com in an interview.
The Minnesota-based company is developing the devices based on technology it acquired from Endo International (NSDQ:ENDP) subsidiary American Medical Systems Holdings, Nealon said.
“The initial focus for the company is to develop and commercialize the slings for the treatment of stress urinary incontinence,” Nealon said. ” The products will leverage acquisition of American Medical System’s patented technology and build on the long-standing market leadership position.”
In an SEC filing posted this week, the company had reported bringing in $1.2 million from 13 anonymous investors, with the first sale dated last July 11.
The company was looking to raise a total of $3.5 million in the round, but had not publicly stated how it planned to use funds raised in the round.
Nealon said that the amount it has raised has grown to $2.5 million, which he is hopeful will help carry the company through the R&D phase and into the pursuit of FDA clearance.
“The funding is expected to carry the company through the development of its first two products,” Nealon said.
