NxThera, Inc., a Maple Grove, Minnesota-based medical device company advancing the application of its Convective Water Vapor Energy (WAVE™) platform technology to treat endourological conditions, completed a $40m funding.
The round was led by Boston Scientific Corporation, with participation from current investors Aberdare Ventures, Arboretum Ventures, GDN Holdings and The Ally Bridge Group. The company also expanded a debt facility with East West Bank.
The company intends to use the proceeds to expand sales of the Rezūm System, which received FDA clearance in August and allows urologists to treat their BPH patients in a variety of clinical settings, including in urology clinics as well as surgical centers, to treat benign prostate hyperplasia (BPH) in the U.S. and selected international markets.
Founded in 2008 and led by J. Robert Paulson, Jr., president & CEO, NxThera pioneered its Convective Water Vapor Energy (WAVE™) technology platform to treat a variety of endourological conditions beginning with BPH. Rezūm System uses radiofrequency energy to create sterile water vapor, or steam, to deliver precise thermal energy treatments in a procedure with no discomfort, and provide improvements in LUTS symptoms, urine flow and quality of life. The company is furthering the application of the technology platform through advanced research and development targeting the treatment of prostate cancer and kidney cancer.