Francis Medical, Inc., a Minneapolis-based medical device company, completed a $18.0m Series A financing.
The round was led by Arboretum Ventures with participation from H2Oey Ventures, an affiliate of Solas BioVentures Fund, Tonkawa and Boston Scientific.
The company plans to use this capital to initiate further development following early feasibility clinical trials conducted in the Dominican Republic, Paraguay and Panama.
Led by Michael Kujak, president and chief executive officer, and Michael Hoey, founder and chief technology officer, Francis Medical is developing an innovative and proprietary vapor ablation therapy to treat a variety of endourology cancers, beginning with Prostate Cancer (PCa).
Kujak will expedite the formation of Francis Medical and the upcoming product development and clinical work. He has broad global healthcare experience, having spent 30 years in growing leadership positions within medtech. His recent past successes include developing and commercializing innovative medical procedures to treat benign prostate hyperplasia (BPH) at American Medical Systems and NxThera.
Hoey is a serial inventor and entrepreneur. His most recent success being NxThera which was purchased by Boston Scientific for $306M upfront plus up to $100M additional maximum milestones.