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 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.
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